A complete history of gold prices in India since the 1950s
This article provides a reference list of gold prices in India every year since 1950.
A complete history of gold prices in India since the 1950s
Posted on 13 Dec 2023
Author: Sayan Sircar
9 mins read
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This article provides a reference list of gold prices in India every year since 1950.
Disclaimer: The historical gold prices in this article are collated from multiple sources over the Internet. The prices since 2007 are yearly averages. The latest prices are from IBJA website.
📚 Topics covered:
- How have gold prices have moved in India since the 1950s?
- Does gold always go up in value?
- Does gold always beat inflation?
- Decade-wise gold price
How have gold prices have moved in India since the 1950s?
Gold has risen 594 times in 73 years with a CAGR of 9.14%
We show the gold price (per 10 grams) in two ways. The blue line is the price using a normal scale on the chart. But the actual price movement is seen in the red line which shows the time it took for the price to double. This CAGR shows that gold, on an average, has doubled in price every 8 years as per rule of 72.
Does gold always go up in value?
Never cross a river that is on average 4 feet deep - Nicholas Taleb.
A very common misconception about gold is that gold always goes up in value. The table below shows the returns for various time periods for gold which shows that gold does not always go up in value. Planning to buy gold, based on average returns, might give nasty surprises as per the quote above.
| Invested for | Min | Average | Max |
|---|---|---|---|
| Any 1-year period | -35.05% | 10.51% | 82.01% |
| Any 2-year period | -27.24% | 10.11% | 58.27% |
| Any 3-year period | -19.10% | 10.03% | 39.87% |
| Any 5-year period | -9.19% | 10.00% | 33.03% |
| Any 8-year period | -4.36% | 10.03% | 26.56% |
| Any 10-year period | -1.99% | 10.13% | 25.02% |
| Any 15-year period | -2.10% | 10.54% | 22.67% |
An interesting point to note is that the average return is extremely stable although the maximum and minimum values have fluctuated a lot.
But as the Taleb quote above shows, you might be surprised once you see the actual returns and the fluctuations around the 10% average.
Does gold always beat inflation?
Note: The data in this section has inflation and gold price data from 1960 onwards. Inflation data is from worlddata.info website
| Statistic | 10-Y rolling inflation | 10-Y rolling gold price |
|---|---|---|
| Min | 4.06% | -0.08% |
| Average | 6.82% | 10.45% |
| Max | 9.01% | 24.45% |
As the data shows quite clearly above, gold has mostly beat inflation.
Related:
Which SGB series should you buy based on the highest discount?
We now show how the price has changed every year since 1950.
Decade-wise gold price
All the tables below show the price of ₹10 grams of gold.
| Decade | Minimum price | Maximum price | Average | Start | 10-Y Change % |
|---|---|---|---|---|---|
| 1950s | 73 | 102 | 88 | 99 | NA |
| 1960s | 63 | 176 | 111 | 111 | 12% |
| 1970s | 184 | 937 | 444 | 184 | 66% |
| 1980s | 1,330 | 3,140 | 2,166 | 1,330 | 623% |
| 1990s | 3,200 | 5,160 | 4,258 | 3,200 | 141% |
| 2000s | 4,300 | 15,417 | 7,775 | 4,400 | 38% |
| 2010s | 18,448 | 35,154 | 28,088 | 18,448 | 319% |
| 2020s | 47,437 | 75,000 | 51,271 | 47,562 | 158% |
Gold price in the 2020s
| Year | Gold price |
|---|---|
| 2021 | ₹47,437 |
| 2022 | ₹51,249 |
| 2023 | ₹58,836 |
| 2024 | ₹75,000 (highest yet) |
Gold price in the 2010s
| Year | Gold price |
|---|---|
| 2011 | ₹24,130 |
| 2012 | ₹29,926 |
| 2013 | ₹28,848 |
| 2014 | ₹27,708 |
| 2015 | ₹26,671 |
| 2016 | ₹30,128 |
| 2017 | ₹29,174 |
| 2018 | ₹30,692 |
| 2019 | ₹35,154 |
| 2020 | ₹47,562 |
Gold price in the 2000s
| Year | Gold price |
|---|---|
| 2001 | ₹4,300 |
| 2002 | ₹4,990 |
| 2003 | ₹5,600 |
| 2004 | ₹5,850 |
| 2005 | ₹7,000 |
| 2006 | ₹8,400 |
| 2007 | ₹9,428 |
| 2008 | ₹12,361 |
| 2009 | ₹15,417 |
| 2010 | ₹18,448 |
Gold price in the 1990s
| Year | Gold price |
|---|---|
| 1991 | ₹3,466 |
| 1992 | ₹4,334 |
| 1993 | ₹4,140 |
| 1994 | ₹4,598 |
| 1995 | ₹4,680 |
| 1996 | ₹5,160 |
| 1997 | ₹4,725 |
| 1998 | ₹4,045 |
| 1999 | ₹4,234 |
| 2000 | ₹4,400 |
Gold price in the 1980s
| Year | Gold price |
|---|---|
| 1981 | ₹1,800 |
| 1982 | ₹1,645 |
| 1983 | ₹1,800 |
| 1984 | ₹1,970 |
| 1985 | ₹2,130 |
| 1986 | ₹2,140 |
| 1987 | ₹2,570 |
| 1988 | ₹3,130 |
| 1989 | ₹3,140 |
| 1990 | ₹3,200 |
Gold price in the 1970s
| Year | Gold price |
|---|---|
| 1971 | ₹193 |
| 1972 | ₹202 |
| 1973 | ₹278 |
| 1974 | ₹506 |
| 1975 | ₹540 |
| 1976 | ₹432 |
| 1977 | ₹486 |
| 1978 | ₹685 |
| 1979 | ₹937 |
| 1980 | ₹1,330 |
Gold price in the 1960s
| Year | Gold price |
|---|---|
| 1961 | ₹119 |
| 1962 | ₹119 |
| 1963 | ₹97 |
| 1964 | ₹63 |
| 1965 | ₹72 |
| 1966 | ₹84 |
| 1967 | ₹102 |
| 1968 | ₹162 |
| 1969 | ₹176 |
| 1970 | ₹184 |
Gold price in the 1950s
| Year | Gold price |
|---|---|
| 1950 | ₹99 |
| 1951 | ₹98 |
| 1952 | ₹76 |
| 1953 | ₹73 |
| 1954 | ₹77 |
| 1955 | ₹79 |
| 1956 | ₹90 |
| 1957 | ₹90 |
| 1958 | ₹95 |
| 1959 | ₹102 |
| 1960 | ₹111 |
Related Articles
- What is the best way to invest in gold?
- Gold touched ₹75,000 per 10 gm. Should you buy gold or sell gold at this point?
- How to choose a gold mutual fund?
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This post titled A complete history of gold prices in India since the 1950s first appeared on 13 Dec 2023 at https://arthgyaan.com
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