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Gold Rate in India
India is the largest consumer of gold in the world, accounting for almost a quarter of the world’s total consumption. It has, since long, maintained this position and, unlike countries like China, India uses gold primarily in the form of jewelry and investments. It is viewed as a solid instrument for investments and even traders who are into commodities trading, invest in gold bullion. These investments are usually dictated by the gold rates prevailing in the economy at that time.
Even the global view of gold is that of a safe haven where you can invest even when investments in the economy of a country are not a good idea.
Gold rate in India change on a daily basis, with a number of factors impacting their price in a particular place on a given day. Demand and supply, global market conditions and currency fluctuations are some of the most critical factors which go into determining the rate of gold in a country, with prices changing every day.
Also check : Silver Rate in India
Trend of Gold Rate in for India Augest 2020 (rates per gram of 24 karat gold)
| Parameters | Gold price (24 karat) |
| August 1 Rate | Rs.5,481 per gram |
| August 9 Rate | Rs.5,930 per gram |
| Highest Rate in August | Rs.5,930 per gram on 9 August |
| Lowest Rate in August | Rs.5,346 per gram on 2 August |
| Overall Performance | Incline |
August 2020 - Week 1 (1 - 9):
- At the beginning of August, gold price in India opened at Rs.5,481 per gram and had inclined by Rs.180 compared to its previous closing at Rs.5,301 per gram at the end of August.
- Gold rate showed an inclining trend with the rising number of COVID-19 cases all over the world along with stimulus packages being released by the U.S. Federal Reserve to help the economy stabilise.
- The metal crossed the Rs.5,500 per gram mark on 6 August and hit record highs at Rs.5,930 per gram on 9 August, closing the week at an overall incline.
Trend of Gold Rate in for India July 2020 (rates per gram of 24 karat gold)
| Parameters | Gold price (24 karat) |
| July 1 Rate | Rs.4,831 per gram |
| July 31 Rate | Rs.5,301 per gram |
| Highest Rate in July | Rs.5,301 per gram on 31 July |
| Lowest Rate in July | Rs.4,811 per gram on 7 July |
| Overall Performance | Incline |
July 2020 - Week 1 (01 - 05):
- In July, gold price in India was at Rs.4,831 per gram and showed a slight incline by the end of the week. Opening at Rs.4,831 per gram on 1 July, the metal’s price increased to Rs.4,876 per gram on 2 July with investors shifting towards the bullion market with increased COVID-19 cases in the United States of America. The metal’s price was at its highest on 2 July.
- The price of gold in India dipped on 3 July with a subdued demand in the international market with positive data from the United States uplifted risk appetite amongst investors. The price of the metal was Rs.4,836 per gram on 3 July and held steady on 4 July as well.
- On the last day of the week, gold rate in India dipped marginally and closed the first week of July at Rs.4,832 per gram recording an overall weekly incline as investors remained cautious with the continuous rise in the number of COVID-19 cases in the country.
July 2020 - Week 2 (06 - 12):
- In the second week of July, gold rate in India opened at Rs.4,833 per gram on 6 July in the country. The value of the metal had increased marginally compared to the previous week’s closing price at Rs.4,832 per gram. With the rise in COVID-19 cases all over the world, risk sentiment dipped and the value for the metal increased and was close to its highest value in 8 years. However, gold prices dipped on 7 July to Rs.4,811 per gram as the value of the dollar steadied in the market, increasing risk appetite amongst investors.
- On 8 July, gold price in India increased again to Rs.4,846 per gram in the country with investors shifting back to the bullion market with increased safe-haven demand as the number of COVID cases surged all over the world. The price of the precious metal increased on 9 July to Rs.4,871 per gram and further to cross the Rs.4,900 per gram mark at Rs.4,911 per gram on 10 July. The substantial rise in gold prices was due to the surge in cases in the United States of America.
- However, gold prices dipped marginally on 11 July, below the Rs.4,900 per gram mark at Rs.4,891 per gram as the equities market showed positive data which prompted investors to shift to the stock market. At the end of the week, gold prices increased yet again to cross the Rs.4,900 per gram mark and closed at Rs.4,901 per gram on 12 July with an overall weekly incline.
July 2020 - Week 3 (13 - 19):
- In India, gold price in India opened the third week of July at Rs.4,901 per gram. Compared to the price charged on the final day of the previous week, there was no change in the rates.
- Over the week, gold price witnessed an inclining trend in the country. There was a difference of Rs.10 in the opening and closing rates of gold.
- Gold rate in India which closed the week at Rs.4,911 per gram recorded its highest price for the month till date on 17th July. A gram of the 24-karat gold was retailed for Rs.4,916 per gram on the mentioned date.
July 2020 - Week 4 (20 - 26):
- Gold price in India opened the fourth week at Rs.4,912 per gram. There was a minimal increase in the rates when compared to the closing price of the previous week.
- While the rates fluctuated over the next couple of days, the price of gold in India shot up to Rs.4,996 per gram on 23rd July.
- Gold rates continued to climb in the country over the next few days and closed the week at Rs.5,116 per gram. This was the highest price of the precious metal for the month till date.
July 2020 - Week 5 (27 - 31):
- In the last week of the month, gold rate in India opened at Rs.5,117 per gram on 27 July and showed a marginal incline compared to the previous week’s closing.
- Over the next few days of the week, gold price increased due to rising COVID-19 cases and was priced at Rs.5,270 per gram on 29 July.
- On the last day of the month, gold rate crossed the Rs.5,300 per gram mark and closed at Rs.5,301 per gram on 31 July.
Trend of Gold Rate in India for June 2020 (rates per gram of 24 karat gold)
| Parameters | Gold price (24 karat) |
| June 1 Rate | Rs.4,752 per gram |
| June 30 Rate | Rs.4,846 per gram |
| Highest rate in June | Rs.4,846 per gram on 30 June |
| Lowest Rate in June | Rs.4,622 per gram on 8 June |
| Overall Performance | Incline |
June 2020 - Week 1 (1 - 7):
- A gram of the 24-karat gold in India was priced Rs.4,752 at the start of the month in India. There was an increase in the rates when compared to the closing price of the previous month. The increase in the rates was seen after demand for the safe-haven metal witnessed a boost following riots in major U.S. cities.
- Weakening dollar, rising tensions between the United States of America and China, and protests in U.S. cities saw gold record its highest price for the month on 2nd June with a gram costing Rs.4,771. The rates declined following that as risk sentiment improved on hopes of a recovery from a coronavirus-driven economic slump.
- Gold price in India closed the opening week of the month at Rs.4,725 per gram. There was a decline in the overall performance of the precious metal.
June 2020 - Week 2 (8 - 15):
- Gold rate in India opened the second week of the month at Rs.4,622 per gram on 8 June and showed an inclining trend, due to lower risk appetite amongst investors with growing tensions between the United States of America and China. With this, the price of the metal increased marginally and was Rs.4,666 per gram on 9 June. With investors awaiting the statement on the economy of the United States and a weak value of the dollar, the price of the yellow metal increased and was Rs.4,641 per gram on 10 June.
- Gold prices showed steady inclines throughout the week, increasing to Rs.4,691 per gram on 11 June due to the projections mentioned by the United States Federal Reserve which showed poor economic data from the United States of America. With constant fluctuations in the market, gold prices increased on 12 June to cross the Rs.4,700 per gram mark at Rs.4,736 per gram.
- However, On 13 June, the price of gold in India dipped marginally to Rs.4,726 per gram with investors booking profits along with the value of the dollar recovering in the market. Keeping up its inclining trend, gold rates recovered marginally and was Rs.4,746 per gram on 14 June due to the bearish economic data being released from the United States of America. Moreover, economic data from Britain also was bleak which added to the safe-haven demand for the yellow metal. At the end of the week, gold prices showed an overall monthly decline, closing at Rs.4,747 per gram on 15 June.
June 2020 - Week 3 (16 - 21):
- In India, a gram of the 24-karat gold was priced Rs.4,721 at the start of the third week of the month. Compared to the closing price of the previous week, the rates were down by Rs.26.
- While gold price in India was down on 16th June, the rates increased gradually in the country over the week. The increase in the prices was accounted to factors like the U.S. Federal Reserve widening its program of buying corporate debt to combat the financial toll of the pandemic, new COVID – 19 cases casting a shadow over the hope of economic recovery, and demand for the precious metal increasing.
- The gold rates closed the week at Rs.4,796 per gram. This was the highest recorded price of the metal for the month of June till date. Over the week, gold witnessed an inclining trend in the country.
June 2020 - Week 4 (22 - 30):
- Gold rate in India was priced Rs.4,797 per gram at the start of the final week of June. Compared to what was charged on the final day of the previous week, the rates increased minimally.
- Over the next four days of the week, gold rates fluctuated in the country. It was accounted to investors opting for safe-haven assets, expectations of positive manufacturing data from the euro zone, weakness in US dollar, hopes for more stimulus measures and demand being boosted. A gram of the 24-karat gold was retailed for Rs.4,807 in the country on 26th June.
- Gold price in India increased following that and closed the week at Rs.4,846 per gram. This was the highest recorded price of the precious metal for the month of June. The overall performance recorded an incline in the rates.
Trend of Gold Rate in India for May 2020 (rates per gram of 24 karat gold)
| Parameters | Gold price (24 karat) |
| May 1 Rate | Rs.4,476 per gram |
| May 31 Rate | Rs.4,741 per gram |
| Highest Rate in May | Rs.4,792 per gram on 24 May |
| Lowest Rate in May | Rs.4,476 per gram on 1 May |
| Overall Performance | Incline |
May 2020 - Week 1 (1 - 9):
- In India, gold was priced at Rs.4,476 per gram at the start of the opening week of May. With investors booking profits due to optimism that economies may ease coronavirus lockdowns, the rate of the gold saw a decline of Rs.237 for every gram when compared to the closing price of April.
- Gold prices in India improved the next day before recording its highest price for the month on 4th May with a gram of the 24-karat gold costing Rs.4,702 in the country. The increase in the price was accounted to rising tensions between the United States and China over the origin of coronavirus pandemic.
- Gold rates fluctuated over the next few days due to a variety of reasons like virus-led curbs easing, equities rising, U.S. jobless claims report etc. Gold rate in India closed the first week at Rs.4,620 per gram with the overall performance showing an incline in the prices.
May 2020 - Week 2 (10-16):
- Opening the second week of the month at Rs.4,621 per gram on 10 May, gold price in India saw an overall incline in its prices throughout the week in the country, increasing to Rs.4,622 per gram on 11 May. The rise in prices was majorly due to the decrease in risk appetite amongst investors with the rise in the number of COVID-19 cases all over the world.
- On 12 May, the price of gold in India increased to Rs.4,636 per gram and further increased to Rs.4,695 per gram on 13 May. With a sudden surge of cases all over the world along with a resurgence of cases in many parts of the world, the risk appetite of the investors was down and safe-haven demand of the metal had increased considerably.
- Increasing marginally by Re.1, gold rate in India had increased to Rs.4,696 per gram on 14 May. On 15 May, the price of the precious metal saw a considerable incline in the markets, to be priced at Rs.4,721 per gram and ended the week after hitting its highest price of the month and the week at Rs.4,781 per gram on 16 May recording an overall incline.
May 2020 - Week 3 (17 - 23):
- Gold rate in India opened the third week of May at Rs.4,851 per gram in the country. Compared to the closing price of the previous week, there was an increase of Rs.70 for every gram of the precious metal. Over the next three days, gold price in India increased as bleak U.S. economic data and souring relations between the United States of America and China underpinned the safe-haven metal.
- The increase in the rates saw gold record its highest price for the month in the country on 20th May. A gram of the yellow metal was retailed for Rs.4,897 on the mentioned date as equities gained on hopes for a swift recovery from the economic slump caused by the coronavirus pandemic.
- Gold price in India slipped following that in the country as investors booked profits from recent rallies driven by increasing trade tensions between the U.S. and China and doubts about an economic recovery. The rates improved slightly on the final day of the week and closed at Rs.4,771 per kg with the overall performance showing an incline in the rates.
May 2020 - Week 4 (24 - 31):
- In the country, gold rate opened the last week of the month at Rs.4,792 per gram on 24 May and dipped marginally by Rs.10 to Rs.4,782 per gram on 25 May. The slight drop in prices was majorly due to a potential stimulus program which saw the rise in the equities market in Japan which resulted in higher risk appetite amongst investors.
- Gold price in India remained steady for the next few days at Rs.4,782 per gram from 25 May to 28 May. The steady nature of prices was majorly due to muted demand in the international market. Along with steady local demand, the price of the metal showed no change. On 29 May, the price of the metal dipped by Rs.40 and was priced at Rs.4,741 per gram. The dip in gold rates were due to investors not taking any risks in making any big positions awaiting the response of the United States on China passing a national security law in Hong Kong.
- On 30 May, the price of gold in India fell further to Rs.4,736 per gram with tensions arising between China and the United States of America over Hong Kong. Moreover, social issues in the United States also contributed heavily to tensions in the country. In the last day of the week and the month, gold price in India recovered marginally and closed at Rs.4,741 per gram on 31 May. The rise in prices was due to the riots in the United States of America resulting in weaker dollar value in the international market.
Trend of Gold Rate in India for April 2020 (rates per gram of 24 karat gold)
| Parameters | Gold price (24 karat) |
| April 1 Rate | Rs.4,253 per gram |
| April 30 Rate | Rs.4,703 per gram |
| Highest Rate in April | Rs.4,826 per gram on 29 April |
| Lowest Rate in April | Rs.4,253 per gram on 1 - 6 April |
| Overall Performance | Incline |
April 2020 - Week 1 (1 - 4):
- As the world headed into the fourth month of fighting the novel pandemic, Coronavirus, gold prices in India have remained steady since the last week of March. With investors shifting to cash by selling off their assets, the price of the gold had dipped considerably in the last month.
- In April, as investors shifted to the bullion market for its safe-haven demand as the markets are still affected, gold rate in india opened the month of April at Rs.4,253 per gram and remained steady until the end of the first week of the month at Rs.4,253 per gram.
- Even though the gold rates had increased in the global markets and fluctuated in the week, gold prices have been steady in the country with no overall gain or loss in the first week of the month.
April 2020 - Week 2 (5 -11):
- Gold price in India started the second week of April at Rs.4,253 per gram. There was no change in the rates when compared to the previous week’s closing price. The opening price was the lowest recorded price of the precious metal for the month of April till date.
- Gold price increased in India after staying constant on 6th April. The increase in the prices was due to bleak US nonfarm payrolls data which underscored the deepening economic impact of COVID - 19 pandemic. As of 8th April, a gram of the 24-karat gold was retailed for Rs.4,463.
- Gold rates declined the next day before improving gradually and recording its highest for the month till date on the last day of the week i.e., 11th April. A gram of gold was retailed for Rs.4,461 in India on the mentioned date as the rates climbed due to safe haven buying ahead of a long weekend and a crucial meeting of top oil producers. Gold prices witnessed an incline over the week.
April 2020 - Week 3 (12 - 18):
- In the third week of the month, gold prices in India opened at Rs.4,462 per gram on 12 April and increased throughout the week. With the effect of COVID-19 increasing on the economy all over the world and affecting more people on a daily basis, traders shifted to the bullion market due to rising fears of the virus. On 13 April, the price of the metal increased marginally to be priced at Rs.4,498 per gram as the measures taken by the United States Federal Reserve kept the bullion market in check. With Spot gold prices fell marginally along with U.S. gold futures.
- On 14 April, the price of gold in India increased to Rs.4,513 per gram and further to be priced at Rs.4,581 per gram on 15 April. The continuous rise in prices was due to economic worries by the traders because of Coronavirus and its effect on the world. With speculations of a recession in order, the price of the gold showed a continuous inclining trend hitting its highest price of the week and month at Rs.4,611 per gram on 17 April.
- At the end of the week, gold price in India dipped to be priced at Rs.4,465 per gram as United States President, Donald Trump announced plans to reopen the United States economy which provided a much-required boost in the risk appetite of investors. At the end of the week, gold closed at Rs.4,465 per gram on 18 April.
April 2020 - Week 4 (19 - 25)
- Gold rate in India was at Rs.4,456 on 19th April in the country. There was a decline of Rs.9 for every gram when compared to the closing price of the previous week.
- Gold rate in India slipped to Rs.4,446 per gram by 22nd April in the city as investors scrambled for hard cash in order to cover losses in other asset classes mainly driven by a crash in the oil market as Covid-19 continued to wreck economies.
- Over the last three days of the week, the gold rate in India increased and closed the week at Rs.4,592 per gram. The increase in the prices was accounted to expectations for more stimulus from central banks to limit the economic damage caused by coronavirus pandemic. There was an incline in the prices of the precious metal over the week.
April 2020 - Week 5 (26 - 30):
- Opening the last week of the month, gold prices in India was at Rs.4,603 per gram on 26 April. The price of the metal in the international market recorded continuous dips in its price due to various factors in the international market. The price of the metal increased to Rs.4,780 per gram on 27 April in the country even though it dipped majorly in the international market with possible hints of lockdowns easing in the United States of America.
- Gold prices on 28 April dipped marginally to Rs.4,766 per gram, dipping marginally from its previous day’s closing price. With investors speculating ease of lockdowns in the country as well, higher risk sentiment drove focus off the bullion market and into the stock market. On 29 April, gold hit its highest of the week and the month at Rs.4,826 per gram amidst a declining trend in the international market.
- On the last day of the month and the week, gold rate in India dipped to be priced at Rs.4,703 per gram. As international prices of the metal recovered from the losses with various banks offering a stimulus to restart the economy, the price of the metal increased in the international market.
Trend of Gold Rate in India for March 2020 (rates per gram of 24 karat gold)
| Parameters | Gold price (24 karat) |
| March 1 Rate | Rs.4,274 per gram |
| March 31 Rate | Rs.4,253 per gram |
| Highest Rate in March | Rs.4,536 per gram on 7 March |
| Lowest Rate in March | Rs.4,111 per gram on 20 March |
| Overall Performance | Decline |
March 2020 - Week 1 (01 - 07):
- Gold prices in India opened the month of March at Rs.4,274 per gram and showed an overall weekly incline. This was majorly due to the effect of Coronavirus on the economy. The metal’s price was steady on 2 March at Rs.4,274 per gram. The gold rates increased throughout the week with a lower risk appetite amongst investors.
- On 3 March, the price of the gold increased marginally to Rs.4,284 per gram. The price of the gold increased with expectations from investors on another rate cut by the United States Federal Reserve in order to tackle the effect of the Coronavirus on the economy of the world. With the safe-haven demand for gold increasing, the gold rate in India increased substantially on 4 March at Rs.4,305 per gram, further increasing to Rs.4,452 per gram on 5 March.
- On 6 March, gold was set to be valued at its highest in 8 years amidst renewed fears of the Coronavirus with an increasing number of cases being reported all over the world along with adding to the death toll. Gold price in India on 6 March was Rs.4,436 per gram and further increasing by Rs.100 to Rs.4,536 per gram on 7 March. The effect of the virus was also seen on the crude oil markets which made investors shift to the bullion market. Gold rate closed the week at the same price recording a weekly incline.
March 2020 - Week 2 (8 - 14):
- Gold prices in india stood at Rs.4,510 per gram on 8 March. Compared to the closing price of the previous week, there was a drop of Rs.26 per gram in the rates of the yellow metal. Even though gold prices jumped past the level of $1,700 per ounce the next day in the international market, the rates remained unchanged in India.
- Gold rates in India slipped to Rs.4,499 per gram on 10 March as some worries about the growth outlook eased and the dollar jumped following U.S president Donald Trump’s pledge to take steps to shield the economy from coronavirus.
- The rates unchanged for the next day but slipped considerably from 12 March as concerns about the economic impact due to coronavirus increased after world health officials declared it as a pandemic and countries took measures to combat the spread of the virus by restricting public gatherings. Gold closed the week at Rs.4,237 per gram which was the lowest recorded price for the metal in the month till date. The overall performance witnessed a declining trend in the prices.
March 2020 - Week 3 (15 - 21):
- After opening at Rs.4,237 per gram, gold prices in India saw an overall weekly decline in prices in the third week of the month at 14 March and remained steady till 15 March. The gold prices fell in the market with investors all around the world looked to liquidate their assets and turn it into cash in order to survive the outbreak of Coronavirus and its effect on the economy.
- On 16 March, gold rates were steady at Rs.4,237 per gram and increased marginally to Rs.4,247 per gram on 17 March. However, with Palladium hitting the lowest price in 18 years, gold prices dipped extensively on 18 March to be priced at Rs.4,153 per gram. With the United States Federal Reserve announcing emergency rate cuts and failing to get a grip on gold prices, the measures taken by the European Central Bank resulted in gold prices increasing to Rs.4,226 per gram on 19 March.
- However, on 20 March, with traders getting back to heavy liquidation of assets, gold prices fell yet again to hit its lowest price in the week at Rs.4,111 per gram on 20 March. The price of the gold, however, bounced back marginally on the last day of the week and closed at Rs.4,190 per gram in the country.
March 2020 - Week 4 (22 - 31):
- Gold rate in the India opened the fourth week of March at Rs.4,253 per gram. The rates were up by Rs.63 for every gram when compared to the previous week’s closing price.
- Having opened the week at Rs,4,253 per gram, the rates of the yellow metal didn’t see any change over the week in the country. The rates in the international market however did fluctuate due to a variety of reasons. Over the week, investors liquidated their positions in the safe-haven metal despite stimulus measures being announced to combat the economic damage caused by the coronavirus pandemic.
- The rates of gold closed the week at the opening price of the week i.e., Rs.4,253 per gram as the country went into a 21-day lockdown starting March 25. Gold prices witnessed a declining trend in the country.
Trend of Gold Rate in India for February 2020 (rates per gram of 24 karat gold)
| Parameters | Gold price (24 karat) |
| 1st February Rate | Rs.4,169 per gram |
| 29th February Rate | Rs.4,368 per gram |
| Highest Rate in February | Rs.4,394 per gram on 25 and 26 February |
| Lowest Rate in February | Rs.4,116 per gram on 7 February |
| Overall Performance | Incline |
February 2020 - Week 1 (1 - 9):
- In the first week of February, gold price in India opened at Rs.4,169 per gram and fluctuated throughout. At the beginning of the week, the metal was all set to touch its 5-month high because of the effect of the Coronavirus on the global economy.
- The gold also hit its highest price in the month on 4 February at Rs.4,195 per gram but not before slipping by 1% as the Central Bank in China cut down the reverse repo rates in the country to ease the inflow of liquidity into the economy. Gold rates recorded a lower price in the country at Rs.4,127 per gram with strong economic data recorded in the United States of America.
- After hitting its lowest price of the week on 7 February at Rs.4,116 per gram due to reports of an anti-Coronavirus drug, the metal bounced back on the next day at Rs.4,148 per gram as fears of the Coronavirus increased throughout the world with a greater number of cases and deaths. Gold prices in India closed the week at Rs.4,148 per gram.
February 2020 - Week 2 (10 - 16):
- Gold rate in India opened the second week of February at Rs.4,148 per gram in the country. There was no change in the rates of the precious metal when compared to the closing price of the previous week.
- Over the week, gold rates saw a lot of fluctuations in the country. Gold prices dipped to Rs.4,142 per gram on 13 February after dollar eased from a four-month high and stocks faltering.
- The rates of gold increased over in India in the latter half of the week. The increase in the prices was accounted to investors betting on the safe-haven metal to hedge against the economic impact of the coronavirus outbreak. Gold price in India witnessed an incline in the prices over the week closed at Rs.4,211 per gram.
February 2020 - Week 3 (17 - 23):
- In the country, the price of gold in India opened the last week of the month at Rs.4,211 per gram and held steady on 17 February 2020. During the week, gold prices showed an inclining trend in its prices due to increased safe-haven demand amongst investors. The price of the metal dipped marginally on 18 February to Rs.4,195 per gram as the value of the dollar increased marginally.
- On 19 February, gold rate in India held steady at Rs.4,195 per gram and increased marginally to Rs.4,237 per gram on 20 February as investors shifted to the bullion market amidst renewed fears of the Coronavirus and its effect on the global economy. The price of the metal increased to Rs.4,268 per gram on 21 February.
- Gold price in India on 22 February hit the Rs.4,300 per gram mark and due to safe-haven demand and increased to hit not only the monthly high but also its 7-year high in the global market. The price of the metal on 23 February was Rs.4,368 per gram in the country and closed the week at the same price.
February 2020 - Week 4 (24 to 29):
- Gold rate in India in the last week of February at Rs.4,368 per gram. There was no change in the rates when compared to the previous week’s closing price.
- Gold price in India jumped to Rs.4,394 per gram after staying constant for the next day as the US dollar edged higher as the spread of coronavirus beyond China drove fears of a pandemic and weighed on Asian currencies and global equities.
- Gold prices saw fluctuations over the last three days of the week in the country. This was accounted to investors seeking refuge in safe-haven assets and raised hopes of interest rate cuts by major central banks as coronavirus scare spurred safe-haven flows towards the bullion.
- Gold rate in India closed the week at Rs.4,368 per gram with the overall performance showing an inclining trend in the prices.
Trend of Gold Rate in India for January 2020 (rates per gram of 24 karat gold)
| Parameters | Gold price (24 karat) |
| January 1 Rate | Rs.3,995 per gram |
| January 31 Rate | Rs.4,169 per gram |
| Highest Rate in January | Rs.4,211 per gram on 9 January |
| Lowest Rate in January | Rs.3,995 per gram on 1 January |
| Overall Performance | Incline |
Graph for Gold Rate (24K) in India January 2020
January 2020- Week 1 (01 - 05):
- Gold prices opened the new decade in India at a price of Rs.3,995 per gram with no changes since 31 December 2019. The metal is supposedly set for its best year till date since 2010 based on multiple global factors.
- As gold rates in India have increased by over 19% in 2019, the metal increased to Rs.4,011 per gram on 2 January 2020 as the value of the dollar dipped in the global market. The dollar was under pressure at the beginning of the year as traders doubted its capability to grow when compared to trade in metal.
- On 4 January, the price of gold decreased marginally to Rs.4,069 per gram. However, on 5 January, the metal increased yet again, closing the first week of the decade at Rs.4,111 per gram with an overall incline.
January 2020- Week 2(06 - 12):
- Gold prices in India opened the second week of January at Rs.4,111 per gram. Compared to the previous week’s closing, there was no difference in prices. However, on 7 January, gold rates increased to Rs.4,179 per gram due to persisting tensions between the United States of America and Iran.
- There was a slight dip in prices on 8 January to Rs.4,121 per gram as investors awaited a reaction from the United States President, Donald Trump. As the President decided to ease the tensions, the price of the metal dipped further as the stock markets recovered. Gold prices hit the weekly high at Rs.4,211 per gram on 9 January.
- In the second half of the week, gold prices saw a major dip by Rs.105 per gram and were priced at Rs.4,106 per gram. As the tensions between Iran and the United States of America eased further, traders shifted back to the market for riskier bets. At the end of the week, gold was priced at Rs.4,095 per gram.
January 2020- Week 3(13 - 19):
- For the third week of January, gold prices were steady opening at Rs.4,095 per gram. In the global markets, the trend of the metal was at a low during renewed trade deal optimism between China and the United States of America. The interim Phase 1 deal between the two countries was signed on 15 January.
- On 14 January, the price of the metal dipped marginally at Rs.4,074 per gram as the investors eagerly waited for the trade deal to be signed and the tensions to ease. On 15 January, the metal recorded the lowest price of the week at Rs.4,037 per gram as the interim trade deal was signed between the two countries. A positive economic data in the United States of America also played a factor in the dip in gold prices.
- On 16 January, gold rates in India increased marginally to Rs.4,074 per gram in the country amidst a falling trend overseas. This was majorly due to a steady demand of the metal even though investors were fueled with a higher risk appetite post the signing of the trade deal. At the end of the week, gold prices closed the week at Rs.4,074 per gram.
January 2020 - Week 4 (20 - 26):
- Gold prices stood at Rs.4,074 per gram in the country on 20 January. The rates were unchanged when compared to what was charged at the end of the previous week.
- The rates increased to Rs.4,116 per gram on 22 January as investors took refuge in the safe-haven metal rates amid concerns regarding the outbreak of the deadly coronavirus in China and increasing tensions in the Middle East.
- With investors assessing the risk of coronavirus becoming a global epidemic, the rates of the yellow metal slipped to Rs.4,079 per gram on 23 January. Gold rates closed the week at Rs.4,142 per gram with the overall performance showing an incline in the prices.
January 2020 - Week 5 (27 - 31):
- In the last week of January, the price of gold opened at Rs.4,142 per gram increasing marginally from the previous week’s closing price. Due to the outbreak of the Coronavirus in China, the price of the metal increased through the week due to its safe-haven appeal.
- Gold prices fluctuated in the first half of the week at Rs.4,158 per gram on 28 January and then dipped to Rs.4,153 per gram on 29 January. This was majorly due to the market taking stock of the virus’ impact on the economy. Investors also awaited on the decision to be made by the United States Federal Reserve on further rate cuts.
- On 30 January, gold rates in India hit its weekly low at Rs.4,116 per gram amidst global trends showing positive trends. Due to low local demand and investors awaiting the decision by the United States Federal Reserve, gold rates dipped despite increasing widely in the global markets. On 31 January, the price of the metal increased in India and closed at Rs.4,169 per gram.
Gold Rate in the Most Popular Indian Cities
Trading in gold is a preferred investment mode of investors who are financially savvy and have the required risk-appetite for this kind of market. It requires prudent monitoring of investments as gold prices are subject to change for many reasons. Maintaining or closing a position in this market depends on how well an investor can track, analyze and synthesize pricing information.
Some of the key factors that affect gold prices are outlined below:
- Import costs: Since demand is primarily met through gold imports, import costs affect gold rate in India. Higher the costs, higher the price of gold.
- Interest rates on bank fixed deposits: Bank fixed deposits are the go-to investment option for Indians. It is only rivalled by investments in gold. When FD rates fall, investors prefer moving their money to gold. Hence, the demand for gold rises and thereby prices.
- Strength of the US dollar: When the US dollar weakens, gold rates in India rise and when the US dollar strengthens, gold prices in India fall. This is because central banks which maintain US dollar reserves tend to hedge against risks of a devaluing dollar by investing in gold. This pushes prices up. Also, India buys its gold from foreign countries and when the US dollar strengthens against the Indian rupee, it makes purchases of gold (usually done in USD), more expensive.
- Global economic stability: Gold prices rise during times of economic instability as gold is considered safer asset that others and people tend to move their money out of riskier assets into gold. Other assets bear the risk of being significantly devalued whereas gold which is has high liquidity continues to hold value even during times of crisis.
- Seasonality: In India, demand for gold during festivals, marriages and other auspicious occasions. Prices tend to be higher during these times.
- Inflation: Since gold is bought to hedge against inflation, gold prices tend to rise when inflation is on an upward trend.
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International prices: In general, when gold rates are on an upward trend, globally, gold prices in India also move upwards. Many central banks, especially in the US and in Europe hold huge gold reserves. When these banks or other financial organizations buy more gold, prices move upward.
International gold prices are hugely affected by the prices fixed on the London Gold Market, twice a day i.e. once at 10:30 a.m. and once at 3 p.m. USD is the currency generally used when quoting prices although it is fixed in Pound Sterlings and Euros as well.
- Production costs: Mining companies increase prices at times on account of production costs. This is reflected in the price of gold imported in India.
- Supply: Domestic production and supply is limited in India. Supply constraints can push prices upwards. Similarly, lower supplies of gold globally can make the metal dearer in India.
Gold rates vary across different cities in India. Key reasons for this are:
- Taxes: State taxes differ from state to state. Some states levy higher taxes than others. This is one of the reasons why gold is more expensive in some cities than others.
- Demand: Owing to different population sizes and varying demographics, demand for gold also varies. Discounts are usually offered on larger volumes. So gold prices in cities like Mumbai are lower given larger quantums of transactions.
- Carriage: Indian imports a bulk of its gold requirements by sea. Gold prices at port cities e.g. Chennai are lower than those in interior cities e.g. Delhi because of the absence of inland transport charges.
- Local associations: Cities have their own local gold associations which have a say in setting the prices. This will also account for differences in gold prices between cities.
Gold is measured in grams and troy weight. (Troy ounces, million ounces, grams, kilograms, tonnes, short tonne, metric tonnes, tolas etc.)
Karat is used to represent purity when gold is mixed or alloyed with other base metals such as copper. 24K or 24 karat gold is pure gold. Fineness is to represent gold parts per thousand. (18K gold would be 18 of 24 karats out of 1,000 parts or a fineness of 750).
Carat - It is a unit of weight used to measure precious gems such as diamonds as well as pearls. 200 milligrams or 0.2 grams make a metric carat. Carats are abbreviated to ct. Carats are often mistaken to denote size.
Karat - It is a unit of finesse or purity used to measure gold. 24 karat gold denotes pure gold. When gold is mixed with another metal the purity is diluted. The purity is then expressed as the parts of gold out of 24. E.g. 22 karat gold (mixed with copper) will be 22 parts gold and 2 parts copper. Gold being soft is alloyed with another metal, usually copper, to attain form. Karat is abbreviated to kt.
Karats represent the finesse or purity of gold. Gold being a very malleable metal is too soft to attain form on its own. It is usually alloyed with another metal, mostly copper, in order to attain form. The purity of the gold is then represented in karats as the parts of gold present out of 24.
24 karat gold is 99.99% pure gold whereas 22 karat gold is 91.67% pure. 22 karat gold means, the alloy consists of 22 parts gold and 2 parts of the alloyed metal.
24k gold is priced higher than 22k gold being purer, however, some people prefer 22k gold being more durable. Import duties are generally lower for 24k gold and higher for 22k gold.
India’s primary demand for gold is for use as jewelry. Investments are the next greatest demand driver. Unlike China, the next highest consumer of gold in the world, whose primary demand for gold is for industrial purposes, India’s industrial usage of gold is minimal.
Domestic production of gold in India is limited and, given its strong demand, India relies heavily on gold imports every year. Currently, the Kolar mines in Karnataka are the only operational mines in India, grossly unable to meet domestic demand.
Gold imports in India constitute the next largest chunk of total imports after crude oil. Of late, the government has increased its focus on curbing the negative impact of heavy gold imports viz. a widening trade deficit and rupee devaluation.
Gold is considered valuable for many reasons, mainly
- Value: Although gold prices fluctuate in the near to medium term, its value tends to rise in the long-term. For this reason, people invest and hold on to gold for a long period of time. Gold tends to not be affected by geopolitical or economic turmoil. It is valuable during emergencies providing liquidity as it is easily traded. It is a hedge against inflation as well and acts as a great value addition to an investor’s portfolio.
- Industrial uses: Gold is used in certain manufacturing processes. Although not comparable to retail consumption, many countries use gold for production purposes.
- Versatile metal: Gold is available in many useful forms making it a versatile investment. It is popularly used as jewellery and other gift items and held in the form of coins, bars or bullion. It is also available in edible form or woven into fabrics. Besides all this, paperless gold instruments are now being used to represent physical gold.
- Gold reserves: Gold is maintained as reserves to back paper currencies by many countries. These paper currencies attain their values based on the value of the gold reserves that back them.
- Limited supply: The amount of gold that can be mined and produced in the world is limited. Due to this, gold attains more value as an irreplaceable asset.
- Tradition: Gold has traditionally been used for financial transactions. This has passed down through the ages and prevails even today.
Indian gold reserves
This is the amount of gold held by India’s Central Bank. Referred to as store value, it is against these reserves that currency is printed and circulated in the economy. Besides providing value to currency, these reserves act as security for amounts due to depositors or trading partners.
Indians primarily invest in gold as a means to counter inflation. While the price of gold may fluctuate over time, the value of this metal remains relatively stable, especially in the long-run. Returns on gold are generally higher in the long-run as compared to other asset classes. Real estate and equity markets have proven to be the exceptions but for most Indian investors, gold still forms a huge part of their investment portfolios.
Traditionally, investment in gold has been in the form of jewelry gold bars or gold coins. As financial markets developed over the years, new investment avenues have opened up. Gold is now increasingly being invested in through Gold ETFs (Exchange Traded Funds) or through mutual funds which invest in gold or through stocks of companies that are in the business of gold/gold-related activities. Gold is also traded as a commodity on commodity exchanges.
Investments in gold commodities, ETFs, funds and stocks can be done online adding another dimension to gold investments in India.
Gold is traded through spot contracts or derivative contracts i.e. investors can trade in gold without possessing gold in its physical form.
- Gold spot contracts are whereby gold is bought and immediately delivered (i.e. sold and delivered right away).
- Gold futures contracts are whereby gold is bought and sold at a later date as per the contract. Unlike most other commodities, gold futures are traded at spot prices and not at prices influenced by demand and supply.
Gold is traded as a commodity on three major commodity exchanges in India:
- Multi Commodity Exchange (MCX)
- National Commodity & Derivatives Exchange (NCDEX)
- National Spot Exchange (NSEL)
MCX is India’s leading commodities exchange and a leading exchange to trade in gold. Contracts traded here offer great liquidity and offer investors the option of contracts in four different sizes as outlined below with their other key features:
Gold- Ticker GOLD
- Trades during 6 months of the year i.e. February, April, June, August, October, December (Monday - Saturday)
- 1 contract = 1 kg of gold
- Initial margin: 4%
- Daily price limit: 3%
- Upper limit on positions: Up to 2.5 MT for individual clients; higher of 12.5 MT or 15% of open position on market for all clients together through a member
- Quality: 995 purity, 999 purity
- Ticker GOLDM
- Trades in all 12 months i.e. January to December (Monday - Saturday)
- 1 contract = 100 grams of gold
- Initial margin: 4%
- Limits on positions: Up to 2.5 MT for individual clients; higher of 12.5 MT or 15% of open position on market for all clients together through a member
- Quality: 995 purity, 999 purity
- Ticker GOLDGuinea
- Trades in all 12 months i.e. January to December
- 1 contract = 8 grams of gold
- Limits on positions: Up to 2 MT or up to 250,000 contracts at one time
- Trades in months as specified by the exchange
- 1 contract = 1 gram of gold
- Limits on positions: Up to 2,000,000 contracts at one time
Information is now available online from a number of sources both authoritative as well as informational. This facilitates decision making to save time and effort. Besides the latest gold rates and factors that affect gold prices, information is available on gold production, trades, different forms of gold (physical and paperless), leading jewellers etc. Experts also publish their views on gold as an asset as well their outlook on the performance of gold.
Gold Weight Conversion Table
| To convert from | To | Multiply by |
| Tonnes | Troy ounces | 32150.7 |
| Troy ounces | Grains | 480 |
| Kilograms | Tolas | 85.755 |
| Kilograms | Bahts | 68.41 |
| Kilograms | Troy ounces | 32.1507 |
| Troy ounces | Grams | 31.1035 |
| Million ounces | Tonnes | 31.1035 |
| Kilograms | Taels | 26.7172 |
| Troy ounces | Penny weights | 20 |
| Troy ounces | Avoirdupois ounces | 1.09714 |
| Avoirdupois ounces | Troy ounces | 0.911458 |
| Short tonne | Metric tonne | 0.9072 |
| Grams | Troy ounces | 0.0321507 |
Get Here:Historical gold rate trend in India
Why gold price is increasing in India?
Gold rates in the country change on a regular basis, with a number of factors impacting rates. A close look at recent trends could highlight the reason for such changes. Some of the most common factors impacting gold rates in India are mentioned below.
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Demand and supply – Gold rates increase when the demand exceeds supply. Gold, being a natural resource is available in limited quantities, and each time the supply reduces there is a spurt in gold rates.
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International relations – International trends have a deep impact on gold rates in India, primarily due to the fact that India depends on imports to meet local demand. Any changes in international relations could translate into a change in local gold rates.
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US dollar – The US dollar plays a key role in determining international gold rates. A strong dollar results in poor gold performance and vice versa, resulting in costlier gold each time the dollar underperforms.
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Market conditions – Gold is inversely proportional to market performance, with prices going up each time there is pressure on markets.
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Government taxes and duties – The government imposes taxes and duties on a number of commodities, including gold. Any increase in these taxes automatically pushes gold rates, pinching the pocket of buyers.
There has been a recent increase in gold rates due to improved performance on the international front. The US Federal Policy rate change had a huge impact on prices, helping them pick up after a poor performance last year. One could see a further hike in rates in the coming weeks, as the US Central Bank is set to change its rates, which are likely to have a direct impact on gold.
What are the different purity levels in gold?
Gold is often purchased by weight and purity, with the purity measured in a unit called Karat. Gold is available in different purities, with the popular ones being 24 karat, 22 karat and 18 karat. While 24 karat gold is used extensively as an investment, 22 and 18 karat gold can be used to make jewellery and ornaments.
22 karat gold is a mixture of gold and alloys, in the ratio 11:1. This essentially means that 1 gram of 22 karat gold has around 91.5% pure gold, with other metals making up the remaining portion. These impurities are added to pure gold to make it more malleable and ductile, thereby making it perfect for jewellery.
Similarly, 18 karat gold is a mixture of gold and metals in the ratio 3:1, i.e. 75% pure gold and 25% metals. This is typically cheaper than 22 and 24 karat gold on account of impurities. 18 karat gold typically has a dull colour, making it easily recognisable.
Other gold options include 14 karat gold (which has 58% gold), 10 karat gold (with 42% gold) and 6 karat gold (with 25% gold).
Which is the best investment option: Physical Gold, Gold ETFs, or Sovereign Gold Bonds?
In this section, we talk about all three investment options pertaining to gold and determine which of these is better.
| Factors | Physical Gold | Gold ETFs | Sovereign Gold Bonds |
|---|---|---|---|
| Liquidity | Offers high liquidatable. It can be invested or exited any time an individual wants to. | ETFs also offers highly liquidity option. It can be traded on the stock exchange and can be liquidated during a trading session. However, the cost of selling is quite low compared to physical gold. | Can be bought from local banks and trade exchanges. Again, the cost of buying and selling is quite low compared to physical gold. |
| Safety | Is highly susceptible to thefts and burglary. | Very safe as it is stored in a dematerialised form in a DEMAT account. | Again, SGBs are kept in a DEMAT account and offers optimum safety. |
| Loan facility | Easily available. | Loans can be availed against gold ETFs. | Not available |
| Investment flexibility | Can be invested in a short time frame. | Can be bought in shorter quantities and requires less maintenance. | Can be bought in shorter quantities and requires less maintenance. |
| Tax Liability | All three avenues are taxed in a similar manner. To start off, any investment that is kept for more than three years is considered a long term holding and is eligible for Long Term Capital Gains (LTCG) tax, which currently remains at 20% after indexation. If they are held for less than 3 years, they are considered a short term holding and is taxed based on the individual’s tax slab Note that, Sovereign Gold Bonds offers one advantage on the tax front, wherein the gains are tax exempt if the investment is redeemed after the maturity period. | ||
Taxes on Gold in India
Gold as a commodity attracts taxation in India, and depending on what it is used for, the taxes levied on the resource differ.
Tax on Purchase of Gold
Most gold in India is imported, with the result that gold is subject to customs duty. The customs duty payable on gold stands at 10% of the total value of the gold. In addition, processing charges associated with purchase would be taxed at 5%.
The sale of gold in India brings it under the purview of GST (Goods and Services Tax) that was introduced in 2017. The GST on gold was set at 3%. As a result, the total tax payable on gold stands at 14% at present.
Income Tax on Gold
Any profit made from the sale of gold attracts income tax and both individuals as well as industry/jewellers are required to pay income tax in such a case.
The profit derived from the sale of gold falls under ‘Capital Gains Tax’ and details of tax liabilities and possible exemptions are mentioned below:
- Gold or gold jewellery bought and sold within a period of 3 years (36 months) is considered a short-term capital asset and would be taxed at the applicable rate (this is subject to change as announced by the government).
- Gold or gold jewellery bought and sold after a period of 3 years (36 months) is considered a long-term capital asset. Whether the gold was bought or given as a gift or received in the form of an inheritance, it would come under the long-term capital asset category. The taxes and other surcharges would be calculated accordingly.
- Gold received as a gift is exempt from tax if the value of the gold is less than Rs.50,000.
In the event of gold being sold and no profit being made from the sale, there is no tax since it is considered a ‘capital loss’ and can be listed at the time of filing income tax returns.
FAQs About Gold
Gold is one precious metal which has managed to retain its shine over the years, creating a niche space for itself in the investment world. Being a natural resource, there is a constant mismatch between the demand and supply, making gold an extremely precious commodity, with people viewing it as a safe and reliable investment option. India is one of the largest consumers of gold in the world, with estimates indicating that the residents own over 20,000 tonnes of this precious metal. While our love for gold is witnessed across the length and breadth of India, there is more to gold than just its utility, aspects which most of us are unaware about.
Gold as a commodity isn’t the easiest one to comprehend, with certain nuances having a great impact on it. Taking time to learn about them can help you get the best out of your investment, making it truly shine.
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When is the right time to buy gold in India?
Ans: Although, there isn’t such a thing called the right time to buy gold, there are periods where demand is usually low and so will be the rates. So, in order to make the most of your investment, try to invest in the metal during the off-season i.e., when no major festivals aren’t around. This is because major festivals bring about an influx of buyers which will push gold prices higher.
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What are the different avenues to invest in gold ?
Ans: Gone are the days when the only mode to invest in gold was to purchase it physically. Today, there are multiple avenues through which one can buy gold, with the popular ones mentioned below.
Gold mutual funds – Gold mutual funds are offered by a number of organisations, offering ease of investment through SIPs.
Gold ETFs – Gold Exchange Traded Funds permit trading of gold in units (by weight), with the investment viewed as debt mutual funds by tax authorities.
Gold futures – Gold futures are popular among certain investors, with the MCX and NCDEX offering avenues to invest in gold through derivatives.
E-gold – E-gold is a new option to invest in gold, offering ease and flexibility to investors.
Physical gold - Physical purchase of gold in the form of coins, jewellery, bars, etc. continues to account for a major portion of investment, with the new modes expected to gain more acceptance with time.
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How many grams of gold in one tola?
Ans: Gold is purchased by weight, with every gram costing a decent amount of money. India is home to over 1.2 billion people, each one unique and having different modes of communication, including units of weight. While there are internationally accepted conventions when it comes to weight, certain regions have their own traditional units, with the Tola being one such popular unit.
1 Tola roughly translates to around 11.6 grams, with 1 kg of gold corresponding to 85.7 Tolas (approximately). This unit is still used in a number of towns and cities, with 1 Tola gold costing Rs 30,887 (as of April 25, 2016).
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How to buy gold?
Ans: Buying gold isn’t very hard, given the multiple avenues available, but there are a few key points one should keep in mind before spending that hard earned money.
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Research – Gold rates change on a daily basis and it is imperative that one does research before buying gold. Observing trends and staying abreast of changes can ensure that you get a good deal on the investment, reducing the chances of being cheated.
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Gold selection – Gold can be purchased in different forms, with each one offering unique advantages. Choose an investment avenue which matches your needs.
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Certification – There are numerous occasions wherein people have been duped into buying gold of inferior purity, purely on account of blind faith. Ensure that the jeweller or source you intend to buy from has a good record, and insist on purity certification.
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Online purchase – Individuals who wish to buy gold online need to ensure that the source they choose is trusted, for a number of sellers on the internet can be fake.
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How to sell gold?
Ans: Gold is one investment which is always in demand, making it a liquid asset. Selling gold isn’t hard, with most jewellers and pawn shops willing to buy gold at market rates. Individuals who wish to sell gold need to ensure that they know current gold rates, for buyers may choose to haggle or negotiate, and failing to know present prices could result in selling gold at lower rates.
Also, gold coins and bars attract better rates than jewellery and are easier to sell. Individuals who do not wish to sell gold can choose to avail gold loans against it, with a number of banks and private lenders offering loans keeping gold as collateral.
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What is 24 karat gold?
Ans: 24 karat gold is the purest form of gold which can be purchased, having no impurities. This purity makes it ideal for investments, with most investors choosing to purchase 24 karat gold. The only drawback of this purity is that 24 karat gold cannot be used to make jewellery or ornaments, limiting their use to gold coins or bars.
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How to buy gold coins in India?
Ans: Gold coins are extremely popular in the country and are available in different weights, ensuring that investors can buy gold which suits their budget. Gold coins can be purchased from banks, jewellers, post offices or online stores, with the popular ones being in the 1g to 10g weight bracket. A number of jewellers and online stores sell coins with the imprint of Gods or Goddesses, charging higher for such coins.
One can walk into any bank or jewellery store and choose to buy a coin, albeit a PAN might be required if the cost exceeds Rs 50,000. Most jewellers and banks offer a purity certificate with the coin, which could hike the cost of a coin. Gold coins can be purchased by purity as well, with the popular options being 22 and 24 karat.
One should remember to keep certain basic points like market rate, dealer reputation, certification, etc. before buying gold coins.
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How to buy gold bars?
Ans: Gold bars are typically reserved for serious investors, people who have sufficient funds to invest in them. These bars can be purchased in different weights, typically ranging between 500g and 1kg. Banks and big jewellers sell gold bars, although one can also purchase them online. One must remember to check the purity and prevailing market rates before investing in gold bars. A Pan is required if one is purchasing gold bars worth over Rs 50,000.
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How US treasury bond yields affect gold prices in India today?
Ans: Typically, US treasury yields and gold prices have an inversely proportional relationship, which is in turn connected to the Federal Reserve interest rate changes. For instance, if the Fed Reserve increases the interest rates, yields on savings accounts and bonds increase. This in turn makes gold a much weaker proposition for investors and causes gold rates to plummet. According to historic data from the last ten years, gold rates have thrived massively when 10-year yields have been at their lowest points. Note that, only the yields affect gold rates more when compared to 2-year and 5-year yields.
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Is it worth investing in gold schemes offered by jewellers?
Ans: For a vast majority of Indians, gold is a symbol of their stature in the societal hierarchy. Considering how expensive gold is getting each year and how most of the population can’t afford it, gold schemes are a boon in disguise. For starters, a prospective investors needs to pay a small amount on a monthly basis and you get the money’s worth in gold at the end of the tenure. Further, jewellers tend to knock off making charges altogether at times to make the deal more enticing.
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Who discovered gold?
Ans: Gold has been in use for millennia and the actual details of the person who discovered it is unknown. However, the earliest use of gold can be seen in the early civilisations ranging from the Greece, Egypt, and Rome among others, where gold featured heavily both in trade and commerce.
