Gold prices rose in India on Thursday, according to data from India 's Multi Commodity Exchange . Gold price stood at 73,030 India n Rupees per 10 grams, up INR 45 compared with the INR 72,985 it cost on Wednesday. As for futures contracts, Gold prices increased to INR 72,549 per 10 gms from INR 72,523 per 10 gms. Prices for Silver futures contracts increased to INR 83,519 per kg from INR 83,499 per kg.
Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency.
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