Explore gold rate history in India. Learn about factors affecting gold prices, from economic indicators to events like COVID-19
India stands out as one of the foremost consumers of gold globally, with its populace regarding gold as a secure investment option. Consequently, India is the world’s second-largest gold importer. Despite witnessing fluctuations over time, the allure of investing in gold has remained steadfast in India. Analysis of market trends reveals a consistent upward trajectory in India's gold rate history, punctuated only by occasional minor downturns.
Over the past decade, the gold price trend has predominantly shown an upward movement. In this blog, let’s look at the historical price of gold in India and understand the factors that affect it.
Offering a glimpse into the past, in the following table, we have compiled the average annual gold rate in India from 2000 to 2024.
Also Read: 1 USD to INR: From 1947 to 2024
Year | Annual Gold Rate in India (approximate in INR/10gm) |
---|---|
2024 (April) | 71,414 |
2023 | 63,203 |
2022 | 55,017 |
2021 | 48,099 |
2020 | 50,151 |
2019 | 39,108 |
2018 | 31,391 |
2017 | 29,156 |
2016 | 27,445 |
2015 | 24,931 |
2014 | 26,703 |
2013 | 28,422 |
2012 | 30,859 |
2011 | 27,329 |
2010 | 20,728 |
2009 | 16,686 |
2008 | 13,630 |
2007 | 10,598 |
2006 | 9,265 |
2005 | 7,638 |
2004 | 6,307 |
2003 | 5,600 |
2002 | 4,990 |
2001 | 4,300 |
2000 | 4,400 |
Also Read: Bitcoin's price history: 2009- 2024
The gold rate is influenced by many factors, ranging from economic indicators to geopolitical events. Some key factors affecting gold prices include:
Also Read: Top 20 countries with largest gold reserves [Q4 2023]
Overall, the gold market is influenced by a complex interplay of economic, geopolitical, and market-specific factors, making it a dynamic and closely watched commodity in global financial markets.
Here's an overview of some major historical events that have affected the price of gold:
1. Why does India have such a strong affinity for gold?
India's cultural and traditional significance attached to gold and its perception as a secure investment contribute to its popularity among Indian consumers.
2. How do global economic factors impact the gold rate in India?
Economic events and trends worldwide, such as inflation rates, currency fluctuations, and geopolitical tensions, can influence the price of gold in India.
3. What are the benefits of investing in gold?
Following are some of the benefits of investing in gold: