Indians are among the world’s leading consumers of gold, with the precious metal constituting a significant portion of our total imports. Indians tend to buy gold since it is considered a ‘safe’ investment. Investors study the markets for fluctuations in prices, which dictate demand.
Historical gold rate trend in India
The below chart represents the historical movement of gold prices in India:
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| Year | Price (24 karat per 10 grams) | Year | Price (24 karat per 10 grams) | ||||
| 1964 | Rs.63.25 | 1992 | Rs.4,334.00 | ||||
| 1965 | Rs.71.75 | 1993 | Rs.4,140.00 | ||||
| 1966 | Rs.83.75 | 1994 | Rs.4,598.00 | ||||
| 1967 | Rs.102.50 | 1995 | Rs.4,680.00 | ||||
| 1968 | Rs.162.00 | 1996 | Rs.5,160.00 | ||||
| 1969 | Rs.176.00 | 1997 | Rs.4,725.00 | ||||
| 1970 | Rs.184.00 | 1998 | Rs.4,045.00 | ||||
| 1971 | Rs.193.00 | 1999 | Rs.4,234.00 | ||||
| 1972 | Rs.202.00 | 2000 | Rs.4,400.00 | ||||
| 1973 | Rs.278.50 | 2001 | Rs.4,300.00 | ||||
| 1974 | Rs.506.00 | 2002 | Rs.4,990.00 | ||||
| 1975 | Rs.540.00 | 2003 | Rs.5,600.00 | ||||
| 1976 | Rs.432.00 | 2004 | Rs.5,850.00 | ||||
| 1977 | Rs.486.00 | 2005 | Rs.7,000.00 | ||||
| 1978 | Rs.685.00 | 2006 | Rs.8,400.00 | ||||
| 1979 | Rs.937.00 | 2007 | Rs.10,800.00 | ||||
| 1980 | Rs.1,330.00 | 2008 | Rs.12,500.00 | ||||
| 1981 | Rs.1,800.00 | 2009 | Rs.14,500.00 | ||||
| 1982 | Rs.1,645.00 | 2010 | Rs.18,500.00 | ||||
| 1983 | Rs.1,800.00 | 2011 | Rs.26,400.00 | ||||
| 1984 | Rs.1,970.00 | 2012 | Rs.31,050.00 | ||||
| 1985 | Rs.2,130.00 | 2013 | Rs.29,600.00 | ||||
| 1986 | Rs.2,140.00 | 2014 | Rs.28,006.50 | ||||
| 1987 | Rs.2,570.00 | 2015 | Rs.26,343.50 | ||||
| 1988 | Rs.3,130.00 | 2016 | Rs.28,623.50 | ||||
| 1989 | Rs.3,140.00 | 2017 | Rs.29,667.50 | ||||
| 1990 | Rs.3,200.00 | 2018 | Rs.31,438.00 | ||||
| 1991 | Rs.3,466.00 | 2019 | Rs.35,220.00 | ||||
| 2020 | Rs.48,651.00 | ||||||
*The price of gold showed a fluctuating trend through the year of 2020 after opening the year on a positive note due to the COVID-19 pandemic. With the precious metal serving as a safe-haven for investors, the demand for gold increased and so did its price. The equities market suffered during the pandemic but showed signs of recovery at the end of 2020 when the price of gold declined marginally.
It’s important to note that the gold prices would fluctuate during the year and the amount mentioned below is a representation of the average price for that year.
With the exception of a few lows between some yeaRs.the table indicates that the gold price trend has historically been on the rise, lending credit to the argument that gold is a safe investment over long periods of time.
Also check : Today's Gold Rate in India
Studying the gold rate trend in India
Studying the gold rate trend in India could offer an insight into future fluctuations and investment plans can be made accordingly. The gold rate depends on a number of factors like the stability of the central bank, the supply and demand of gold in the market, quantitative easing, government reserves, the health of the jewellery industry and overall yearly production to name a few.
Gold prices in 2018 saw some significant fluctuations due to ongoing geopolitical tensions in the United States, which impacted the U.S. dollar rate and influenced global bullion demand. Local demand for the yellow metal was influenced by the fluctuating rupee rate, which continued to play second fiddle to the dollar. The ongoing Brexit crisis caused fluctuations across the Eurozone, which led to a surge in bullion demand towards the end of the year. The U.S government shutdown also served to pressure the U.S. dollar, though gold rates did not see much impact at the time.
FAQs of Gold Rate Trend in India
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What is the trend of gold rate in India in 2021?
Ans: In 2021, gold rates were trading positive but have been fluctuating throughout the month of February due to various factors in the international market. Compared to 2019, the average gold prices for the year had increased substantially due to the COVID-19 crisis and other factors.
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Will the price of gold decrease in the coming days?
Ans: With the U.S. government pushing to release another stimulus package to combat the crisis of COVID-19, gold prices may increase in the market. However, the value of the metal keeps fluctuating as there are many factors which determine its price.
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When was the gold price the lowest in India?
Ans: If we take the average annual gold price in India in the past 10 years, from 2010 to 2020, the lowest yearly average was in 2010 when the price of gold was Rs.18,500 per 10 grams. In 2020, the average gold price in India was Rs.48,651 per 10 grams.
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When was the highest incline seen in gold prices in India?
Ans: Taking into consideration the annual average price of gold in India, the highest increase in gold prices was from 2010 to 2011 when the annual average gold price had increased from Rs.18,500 per 10 grams to Rs.26,400 per 10 grams.
Also check Today's Gold Rate in the most popular Indian cities
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