Gold Price History & Trends In India

India's love for gold has made it one of the largest consumers of the precious metal in the world. This demand significantly impacts the domestic gold market, influencing prices and shaping economic trends. As a symbol of prosperity, purity, and tradition, gold exceeds its economic value and holds a special place in the lives of millions of Indians.

The gold rate trend in India is a subject of great interest for investors, traders, and the general public, as it affects their purchasing power and financial decisions. The gold rate in India is influenced by a complex interplay of global and domestic factors. If you want to invest in gold, here's a guide with all the information you need to know about the historical value of gold in India and its price trend.

The price of gold is often denominated in US dollars.

When the US dollar is strong (it means it takes fewer rupees to buy one US dollar), the price of gold in India will be cheaper for people who hold rupees. Conversely, when the US dollar is weak (it takes more rupees to buy one US dollar), the price of gold in India will be more expensive for people who hold rupees.

Gold Price In India from 2023-2024

As gold is typically traded in US dollars, fluctuations in the value of the Indian rupee against the US dollar directly impact the domestic price of gold. Let's take a look at the gold prices in India from January 2023 to April 2024 in the table below.

Month 22 Carat Gold ( ₹/1gm) 24 Carat Gold ( ₹/1gm)
June 2024 6730 7342
May 2024 6885 7204
April 2024 6777 7540
March 2024 6316 6627
February 2024 6201 6412

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Note: It's important to note that gold prices can vary slightly depending on the city or jeweler.

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Past 10 Years Gold Price History in India

Year Average Gold Price
(24 Karat/ 10 g)
2013 ₹29,600.00
2014 ₹28,006.50
2015 ₹26,343.50
2016 ₹28,623.50
2017 ₹29,667.50

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Historical Value of Gold from 1964 to 2023

Year Average Gold Price
(24 Karat/ 10 g)
1964 ₹63.25
1965 ₹71.75
1966 ₹83.75
1967 ₹102.50
1968 ₹162.00

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Gold as an Asset & Investment

Gold is a great asset to own, and with Gold you can opt for various financial products such as gold loans, loans against gold, and loan against SGBs.
From an investment point of view, you can opt from Sovereign Gold Bonds, Gold ETFs, Physical Gold, Digital Gold, Gold Mutual Funds & other Gold Saving Schemes.

Gold Rates In Top Indian Cities

Due to India's geographical expansion and diverse regional economies, the gold rates can vary across different cities and regions. The top metropolitan cities of India, including financial hubs like Mumbai, Delhi, and Bengaluru, play a crucial role in shaping the domestic gold market and gold rate in India. These cities are home to major bullion markets, jewelry manufacturing hubs, and a large concentration of affluent consumers.

As a result, the gold rates in these urban centers are closely watched and often serve as benchmarks for the rest of the country. Each city's gold rate is influenced by factors such as local demand, taxes, duties, and transportation costs.

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22 Carat Gold Rates in Top Cities in India

The 22-carat purity is very popular in India for jewelry and investment purchases. The rates vary across cities due to factors like local taxes, transportation costs, and regional demand.

The table below shows the 22-carat gold rates in major Indian cities on April 25, 2024.

Top Cities 22 Carat Gold (₹/1gm)
Chennai ₹6,710
Mumbai ₹6,625
Delhi ₹6,640
Kolkata ₹6,625
Bangalore ₹6,625

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Note- Gold prices fluctuate on a daily basis. For the most up-to-date information and exact prices, check financial news sites.

24 Carat Gold Rates in Top Cities in India

Among the various purity levels of gold, 24-carat gold, also known as pure gold, is highly sought after in the Indian market.The table below showcases the current (April 25, 2024) prices of 24-carat gold in some of India's major cities.

Top Cities 24 Carat Gold (₹/1gm)
Chennai ₹7,320
Mumbai ₹7,227
Delhi ₹7,240
Kolkata ₹7,227
Bangalore ₹7,227

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Note- Gold prices fluctuate on a daily basis. For the most up-to-date information and exact prices, check financial news sites.

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Factors Affecting Gold Rates In India

Gold is an important part of India due to its cultural significance and use in jewelry, investments, and rituals. As a major consumer of gold globally, the rates of gold in India are influenced by various factors.

Understanding the factors that affect gold rates is crucial for investors, jewelers, and consumers to make informed decisions regarding buying, selling, or trading in the Indian gold market.

1. US Dollar Interest Rates

  • The US Federal Reserve interest rates have a significant impact on global gold prices. When interest rates are low, it makes gold a more attractive investment compared to interest-bearing assets like bonds.
  • This can drive up gold prices globally, which can in turn affect gold rates in India today.

2. Geopolitical Uncertainty

  • Geopolitical tensions and wars can increase the demand for gold as a safe-haven asset. This is because gold is seen as a stable investment that tends to hold its value during times of crisis.
  • When there is geopolitical uncertainty, investors may flock to gold, driving up prices globally and impacting rates in India.

3. Global Economic Conditions

  • The overall health of the global economy can also affect gold prices.
  • During economic downturns, investors may seek the safety of gold, which can drive up prices. Conversely, during strong economic periods, investors may be more likely to invest in riskier assets, which can put downward pressure on gold prices.

4. Supply and Demand

  • The global supply and demand for gold also play a role in determining its price.
  • If there is a disruption in the supply of gold, such as from a major gold-producing country, it can drive up prices. Similarly, if there is a sudden increase in demand for gold, it can also lead to higher prices.

5. Exchange Rates

  • Since gold is priced in US dollars on the global market, fluctuations in the exchange rate between the Indian rupee (INR) and the US dollar (USD) can also affect gold rates in India.
  • A weaker rupee against the dollar can make gold imports more expensive, which can lead to higher gold prices in India. Conversely, a stronger rupee can make gold imports cheaper, which can put downward pressure on gold prices in India.

India has a massive demand for gold, but its domestic production is very low.

So, India relies heavily on imports, which can influence the gold rate in the country. When global gold prices rise, it can significantly impact Indian consumers due to import dependence.

India Vs. US Gold Rate Comparison

The table below will highlight the prices per gram or ounce for easy comparison and analysis of the gold rates between India and the US of both 22-carat and 24-carat gold (April 25, 2024).

Country Carat Price Per Gram
India 22-Carat ₹6,535
India 24-Carat ₹7,130
US 24-Carat $2,319.90 (per ounce)
₹6834 per gram (approx)
Note: Gold prices fluctuate throughout the day. For the most up-to-date information and exact prices, check financial news sites.

Gold doesn't get affected by inflation as much.

When inflation rises, the price of gold tends to go up as well. This is because people view gold as a stable store of value, and they are willing to pay more for it during inflationary periods.

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Frequently Asked Questions

As of April 26, 2024, the price of 24-karat gold in India is around ₹72,360 per 10 grams, and the price of 22-karat gold is around ₹66,280 per 10 grams.

Gold prices have been volatile recently. Overall, the gold price is up approximately by more than 15% this year compared to last year.

Gold prices have fluctuated dramatically throughout history. It reached a century-long low in 1970, followed by an all-time high (adjusted for inflation) ten years later, and continues to experience significant rises and falls. In 2024 the gold prices have risen to one of its highest levels.

Gold has historically been a good store of value, holding its price even over long periods with inflation. However, stocks tend to outperform gold in terms of overall growth over very long periods.

There are several websites that track real-time gold prices in India. These websites typically update their prices daily based on information from reputable jewelers in India.

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