Gold Rates Historical Data for India

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We Indians are the largest consumers of gold in the world, there is no other population in any other country that has a demand for gold as strong as ours. In fact, gold constitutes 12.50% of our total imports (in FY 2012-2013), which is a whopping $61,409 million.

Fluctuations in prices affect the purchasing behavior as a lot of Indians buy gold as a “safe” investment. Gold is viewed as a commodity by those who invest in it, and these investors constantly watch the market for fluctuations that could mean a potential profit, or the possibility of acquiring the asset at a lower price.

Historical gold rate trend in India

The below chart represents the historical movement of gold prices in India. 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.

This chart contains the average price for gold for per year since 1964 – present. The prices indicated are for 10 grams of gold and prices are in Indian Rupees.
Year Price Year Price
1964 Rs. 63.25 1991 Rs. 3,466.00
1965 Rs. 71.75 1992 Rs. 4,334.00
1966 Rs. 83.75 1993 Rs. 4,140.00
1967 Rs. 102.50 1994 Rs. 4,598.00
1968 Rs. 162.00 1995 Rs. 4,680.00
1969 Rs. 176.00 1996 Rs. 5,160.00
1970 Rs. 184.00 1997 Rs. 4,725.00
1971 Rs. 193.00 1998 Rs. 4,045.00
1972 Rs. 202.00 1999 Rs. 4,234.00
1973 Rs. 278.50 2000 Rs. 4,400.00
1974 Rs. 506.00 2001 Rs. 4,300.00
1975 Rs. 540.00 2002 Rs. 4,990.00
1976 Rs. 432.00 2003 Rs. 5,600.00
1977 Rs. 486.00 2004 Rs. 5,850.00
1978 Rs. 685.00 2005 Rs. 7,000.00
1979 Rs. 937.00 2006 Rs. 8,400.00
1980 Rs. 1,330.00 2007 Rs. 10,800.00
1981 Rs. 1,800.00 2008 Rs. 12,500.00
1982 Rs. 1,645.00 2009 Rs. 14,500.00
1983 Rs. 1,800.00 2010 Rs. 18,500.00
1984 Rs. 1,970.00 2011 Rs. 26,400.00
1985 Rs. 2,130.00 2012 Rs. 31,050.00
1986 Rs. 2,140.00 2013 Rs. 29,600.00
1987 Rs. 2,570.00 2014 Rs.28,006.50
1988 Rs. 3,130.00 2015 Rs.26,343.50
1989 Rs. 3,140.00 2016 Rs.28,623.50
1990 Rs. 3,200.00 2017 Rs.29,667.50

With the exception of a few lows between some years, it can be seen from the table 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.

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.

In 2016, the lowest price recorded was Rs.24,910 per 10 grams on January 1st 2016. Gold prices soared to Rs.32,336 per 10 grams on 6th July 2016, the highest price recorded for this year. In the first half of the year, gold performance was low but showed an upward trend in the second half. The main events that affected gold rates this year included the jewellers strike against strike PAN card regulations, the Brexit vote, the expectations of an interest rate hike by the U.S. Federal Reserve, the festive and wedding seasons, Trump’s win in the U.S presidential elections and PM Modi’s demonetisation scheme.

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News About Gold Rates

  • As dollar plunges, gold hits two week high

    Price of gold jewellery in Dubai traded higher on Monday due to the fall in the value of the US dollar after the recent adjustment in the rate by US Federal Reserve. The bullion traded by as much as Dh10 per gram as compared to the prices at the beginning of the year with 24k gold trading at Dh 149.50 per gram.

    Spot gold increased to its highest in a span of 2 weeks at $1,234.60 prior to settling at $1,233.60. Certain analysts believe that gold will continue to be supported with spot gold price ranging between $1,220 and $1,240 per ounce.

    20 March, 2017

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