Gold continues to hold its ground, considering the prices have been rising in the international market, buoyed by the depreciating US dollar and falling bond yield.
In the Indian context, the price of 10 grams of gold on November 30, 2023, varied across various cities. However, the average cost was about Rs 62,000. About 10 grams of 24-karat gold cost about Rs 63,390, while a similar quantity of 22-karat gold was valued at Rs 58,110.
Gold prices have now witnessed an uptick of nearly 10% from the beginning of 2023. The price of gold has been on a significant rise in the past 10 years; specifically, it has doubled during this period. This trend has made gold one of the favourite investment asset classes among Indian investors in the last decade.
In 2013, the average price of gold stood at Rs 29,600, which witnessed a slight dip in 2014 at Rs 28,006.50 and Rs 26,343.50 in 2015.
The average price of gold has experienced a continuous upward movement since 2016. In 2016, the price had surged to Rs 28,623.50, in 2017 it was Rs 29,667.50, and then in 2018 it was Rs 31,438.
A sudden and crucial upward movement in the prices was witnessed since 2019, when the prices hovered at Rs 35,220.00. These prices experienced a 30-40% jump in 2020 and touched Rs 48,651. The prices went on to remain stable for the next two years in 2021 and 2022, at Rs 48,720 and Rs 52,670, respectively.
It is important to note that the gold market in India is anticipated to experience a shift, with prices likely continuing their upward surge. These various geopolitical disturbances, including the Israel-Hamas conflict, will continue to contribute towards this jump.
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.
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