India is the second-largest consumer of gold jewelry in the world, only next to China. On any special occasion celebrated in India, people, especially women, prefer to wear gold jewelry with their outfits. Apart from being a piece of jewelry, gold is also considered a good investment and most people prefer it over stocks and bonds. The price of gold keeps changing constantly and it has seen a significant change after the recent Covid pandemic in 2020. This article provides you details of the gold price in India from 1947 to 2023, just to provide you a general idea in case you are thinking of investment or purchase.
Year-wise Gold Price Chart for Independent India
Apart from being the second-largest consumer, India is also the second-largest importer of gold in the world. The price of gold in the country has seen a large surge since independence. In 1947, when India got its independence, the gold prices were less than Rs. 90.00. As of 2023, the prices have reached a maximum value (till date) of Rs. 62,320.00. The table below provides the price of gold in India and its fluctuation since 1947. The given prices are the average annual prices of 24 karat gold per 10 grams.
|1947||Rs. 88.62||1986||Rs. 2,140.00|
|1948||Rs. 95.87||1987||Rs. 2,570.00|
|1949||Rs. 94.17||1988||Rs. 3,130.00|
|1950||Rs. 99.18||1989||Rs. 3,140.00|
|1951||Rs. 98.05||1990||Rs. 3,200.00|
|1952||Rs. 76.81||1991||Rs. 3,466.00|
|1953||Rs. 73.06||1992||Rs. 4,334.00|
|1954||Rs. 77.75||1993||Rs. 4,140.00|
|1955||Rs. 79.18||1994||Rs. 4,598.00|
|1956||Rs. 90.81||1995||Rs. 4,680.00|
|1957||Rs. 90.62||1996||Rs. 5,160.00|
|1958||Rs. 95.38||1997||Rs. 4,725.00|
|1959||Rs. 102.56||1998||Rs. 4,045.00|
|1960||Rs. 111.87||1999||Rs. 4,234.00|
|1961||Rs. 119.35||2000||Rs. 4,400.00|
|1962||Rs. 119.75||2001||Rs. 4,300.00|
|1963||Rs. 97.00||2002||Rs. 4,990.00|
|1964||Rs. 63.25||2003||Rs. 5,600.00|
|1965||Rs. 71.75||2004||Rs. 5,850.00|
|1966||Rs. 83.75||2005||Rs. 7,000.00|
|1967||Rs. 102.50||2006||Rs. 8570.00|
|1968||Rs. 162.00||2007||Rs. 10,800.00|
|1969||Rs. 176.00||2008||Rs. 12,500.00|
|1970||Rs. 184.00||2009||Rs. 14,500.00|
|1971||Rs. 193.00||2010||Rs. 18,500.00|
|1972||Rs. 202.00||2011||Rs. 26,400.00|
|1973||Rs. 278.50||2012||Rs. 31,050.00|
|1974||Rs. 506.00||2013||Rs. 29,600.00|
|1975||Rs. 540.00||2014||Rs. 28,006.50|
|1976||Rs. 432.00||2015||Rs. 26,343.50|
|1977||Rs. 486.00||2016||Rs. 28,623.50|
|1978||Rs. 685.00||2017||Rs. 29,667.50|
|1979||Rs. 937.00||2018||Rs. 31,438.00|
|1980||Rs. 1,330.00||2019||Rs. 35,220.00|
|1981||Rs. 1,800.00||2020||Rs. 48,651.00|
|1982||Rs. 1,645.00||2021||Rs. 48,720.00|
|1983||Rs. 1,800.00||2022||Rs. 52,670.00|
|1984||Rs. 1,970.00||2023||Rs. 62,320.00|
Factors Affecting Prices Of Gold
There are different factors that affect the prices of gold in the market. Knowledge of these factors is considered important for those looking for an investment opportunity in this yellow metal. The study of gold price change can provide important insight into future fluctuations and investors can make their investment plans according to it. You have already seen the gold price change trend in India in the table above. Now, let us have a look at the factors that affect the prices of gold at any given point of time.
- The demand for gold in the market
- Supply of gold in the market
- Production of gold in a given year
- Stability of the central banks
- Quantitative easing (it is a monetary policy strategy that central banks use to keep credit flowing to the economy)
- Strength of Government reserves
- The health of the jewelry industry
- Issues such as pandemics or recessions, etc
Frequently Asked Questions
During festive and marriage seasons, the gold price often increases.
With an increase in demand, the price of gold normally goes higher.
Not always. There are different factors that control gold prices during a recession.
Please note that the prices of gold change not only yearly but on a daily basis too. The prices mentioned in this post are only the average annual price of gold given for reference purposes. Before making any kind of investment, you must do proper market research and only then take any steps.