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:
|Year||Price (24 karat per 10 grams)||Year||Price (24 karat per 10 grams)|
*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.
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.
Also check Today's Gold Rate in the most popular Indian cities
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