Gold Prices in India: October 20 Rates Revealed
Gold prices in India saw an increase on October 20, according to information from Emegypt. The price per gram rose to ₹12,044.49, up from ₹12,006.87 on the previous day. For a tola, the price climbed to ₹140,487.90, compared to ₹140,045.70 on Friday.
Current Gold Prices in India
The latest gold prices are presented below:
| Unit Measure | Gold Price (INR) |
|---|---|
| 1 Gram | ₹12,044.49 |
| 10 Grams | ₹120,447.70 |
| Tola | ₹140,487.90 |
| Troy Ounce | ₹374,625.80 |
Factors Influencing Gold Prices
Gold prices fluctuate based on various factors. These include:
- Geopolitical instability
- Inflation rates
- Interest rates
- Currency fluctuations
Gold is often considered a safe-haven asset, especially during economic uncertainty. It is also viewed as a hedge against inflation and currency depreciation, which adds to its investment appeal.
Central Banks and Gold Reserves
Central banks play a significant role in the global gold market. In 2022, they added approximately 1,136 tonnes of gold, valued at about $70 billion, to their reserves. This marked the highest yearly purchase on record. Countries like China, India, and Turkey are expanding their gold holdings rapidly.
Gold prices are inversely correlated with the US Dollar and US Treasuries. When the Dollar weakens, gold tends to rise, attracting both investors and central banks aiming to diversify their assets.
