How Have Gold Prices Moved In India In The Last 10 Years

How much has the Gold Prices Increased in India in the last 10 years?

The prices of gold have incessantly increased over the last 10 years, due to which gold investors have gained pretty decent returns in the last 10 years. A substantial increase in international prices and the falling value of the rupee has opened the way to annualized gains for the investors of gold. Compared to other forms of deposits and investments, gold has earned more returns for investors. The historical trends show that the relationship between gold and interest rates has been inversely related.

Read on to explore some of the trends of the last 10 years to understand the gold history in India that led to these increased prices of gold.

Gold Price History for Last 10 Years in India

Year Price (24 carats per 10 grams)
1970 INR 184
1980 INR 1,330
1990 INR 3,200
2000 INR 4,400
2010 INR 18,500
2020 INR 48,651
2022 INR 52,670
2023 INR 61,080 (as of today)

The Future of Gold Value and Cost

As per one forecast by WalletInvestor, the price of gold, which is 1,46,612.71 Indian Rupee, is likely to rise to $2221 in 5 years by December 2027. Given the rise and advent of a coming recession, the prices of the US Dollar are bound to fluctuate, which will change the valuation of gold prices.

Let’s look gold prices predictions for coming 10 years –

Gold Prices in Next 10 years – Predictions and Forecast

Year Price (24 carats per 10 grams)
2024 INR 67,372
2025 INR 73,139
2026 INR 80,095
2027 INR 83,270
2028 INR 92,739
2029 INR 1,01,786
2030 INR 1,11,679
2031 INR 1,21,704
2032 INR 1,26,650
2033 INR 1,32,443

Variables Responsible for Price Shifts in Gold

The fundamental theory says that higher demand for something results in increased prices. The process and quantity of gold obtained through gold mining have mostly stayed the same since 2016. Consequently, the supply is lesser than the demand, resulting in a price increment of gold. Over and above this, other factors are responsible for the shifts in the gold price.

  • Rates of Interest: Gold prices increase as the interest rates decrease on fixed-income instruments. Investors shift to buying more gold, increasing the gold’s demand and prices. Conversely, a higher rate of interest reduces the gold price.
  • Inflation: With the rise of inflation, the value of the Rupee decreases, and the gold prices go high in value.
  • Supply And Demand: Gold is considered a long-term asset, and the future demand forecast is also considered. Whereas the last 10 years saw a decrease in gold mining activities. The market demand was not met, which led to an increase in the price of gold.
  • Fluctuation in the Value of Currency: When the value of the Rupee changes, it will directly affect the import prices, which eventually changes the gold prices
  • Reserves Held by the Government: If the Government keeps a higher value of gold in reserves, it will directly impact the supply of gold in the market and change prices.
  • The Market for Indian Jewellery: During festivals and wedding seasons, the market experiences a hike in gold prices due to higher demand.

Additional Read:Why are Gold prices different in different cities in India?

Why Is Gold Getting More Expensive?

  • If the cost of production increases with reduced gold mining, the prices of gold are likely to increase.
  • During the wedding season or auspicious festivals, people will look to buy ornaments, and the gold jewellery rate will increase.
  • Since people are unsure about the markets with an impending economic slump, the demand increases.
  • Investors will worry about the currency’s value falling (INR dipping against USD) during import prices and will look to hedge this valuation by buying gold.
  • When the US Dollar decreases, more gold will be purchased. It will lead to increased demand and prices increase.
  • If the government of India buys more or sells more, this will impact the gold prices in the country. If the supply of currency increases due to international pricing, government reserves, or other factors, then the prices of gold decrease.

Final words

If you are going to buy gold now, then use the gold calculation formula to make sure you know exactly what you are getting. Be aware of the market conditions to ensure that you invest in gold at the right times and not when the prices are high. But all in all, the forecast, for now, states that gold prices are very likely to increase in the future and will be the right investment for your future.


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