Gold Rates Historical Data for India
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: This chart contains the average annual price for gold from 1964 – present.
|Year||Price (24 karat per 10 grams)|
|2023 (Till Today)||Rs.52,790.00|
When is the right time to buy Gold in India
You will have to keep an eye on the value of gold before deciding to buy the yellow metal for yourself. Various political events, changes in economic conditions, government policies can impact the price of Gold in India. For example, due to the outbreak of Covid-19, and the war between Ukraine and Russia may result in the price of gold rising. You can purchase gold when the price is down and sell it when its value goes up.
Gold is generally purchased so that you can take care of yourself in case you are facing a severe financial crunch.
Ways to Invest in Gold in India
In Manipur, gold is traditionally invested in the form of jewellery, coins, and bars. However, new channels of investment in gold have recently opened up and this has provided investors with new ways to trade gold. Here are some of the most popular options if you want to invest in gold for a long term:
Gold mutual funds – You can invest in mutual funds, such as a fund of funds (FOF) that holds units in other gold-related funds. Alternatively, you can invest in a fund that owns stocks of gold firms that are listed on worldwide stock markets.
Gold coins, bars, and biscuits – You can invest in gold in the form of gold coins, bars, and biscuits. Gold coins can be purchased from a bank or a certified jewellery dealer in various weights.
Gold ETFs – You can invest in gold by purchasing Exchange Traded Funds (ETFs). Gold ETFs are easy to purchase and sell since they are traded on the stock exchange. The risk of theft is eliminated because these are held in electronic form.
One of the biggest gold importers in the world is India. The value of gold at home fluctuates in the same way as prices do in the international market. Inflation is hedged with gold. When inflation is high, gold prices continue to soar.
In 1942, when the Quit India Movement was at its height, 10 grams of gold cost Rs. 44. Within the following five years, in 1947, this price had doubled. Gold has grown in value as a valuable asset over time. Gold is one of the most prestigious investment options and can outperform inflation. In 1947, the cost of 10 kilos of gold was less than the cost of an airline ticket from Delhi to Mumbai. According to information from the Indian Post Gold Coin Services, it was Rs88.62 at that time.
Even five years ago, this was double what it was now. The same amount of gold cost Rs44 during the height of the Quit India campaign in 1942. After seven decades of independence, the price of 10 grams of gold has increased more than 300 times, costing ₹28,500 (as of end-July), almost as much as a round-trip ticket to London in economy class.
The cost of gold had begun to rise as India gained its independence. The price of 10 grams of gold was Rs. 88. Gold provided investors with a return of roughly 12% between 1950 and 1960. In 1970, the average price of gold reached ₹184, ₹1,330 in 1980 and ₹3,200 in 1990. Between 2000 to 2010, the price of gold reached from ₹4,400 to ₹18,500. On August 14, gold price in New Delhi declined by ₹90 to ₹52,915 per 10 grams, according to HDFC Securities. The precious metal had closed at ₹53,005 per 10 grams in the previous trade. In the international market, both gold was trading flat at $1,789 per ounce.