Gold has remained a key metal in India and it has a good production capacity as well globally. It has been used for auspicious as well as spiritual occasions in the country since ages.

The yellow metal has multiple significance like religious connotations, family heirloom, gifts, status symbol, investment among other purposes.

Over the years India’s infatuation with gold has grown stronger and stronger, with Indians accounting for most of the gold consumed globally.

On Wednesday, the gold prices have been rising in the international market on the back of depreciating US dollar and falling bond yields. Gold prices have now risen by close to 10% from the beginning of the year.

Gold prices varied across different cities in India. Chennai recorded the highest price of 10 gm of 24 carat gold at Rs 63,050 while in Delhi and Mumbai the prices were Rs 62,710 and Rs 62,560, respectively.

The prices of gold has been on a massive surge in the last ten years, so much so that it has doubled in this duration. This trend has made the gold one of the favourite investment option for the Indian households in last decade.

We have traced the trend of average gold prices in the last ten years to see the fluctuations.

In 2013, the average price of gold was Rs 29,600.00 which saw a slight decline in 2014 at Rs 28,006.50 and to Rs 26,343.50 in 2015.

The average price of gold has witnessed a continuous rise since 2016. In 2016, the price was Rs 28,623.50, 2017 Rs 29,667.50,  and in 2018 it was Rs 31,438.00.

A sudden and significant surge in the prices was seen since 2019 when the prices was Rs 35,220.00. This price saw a 30-40 per cent spike in 2020 – the Covid year – and reached to Rs 48,651. Further it remained almost stable for next two years in 2021 at Rs 48,720 and in 2022 at Rs 52,670.

Year 2023 has been witnessing another level of gold prices. On November 29, the price of gold was recorded at Rs 64,355.

Notably, the gold market in India is expected to experience a shift, with prices likely to continue their upward movement. This trend is due to the Israel-Hamas conflict and global dynamics respond to this crisis.

Reports have suggested that the demand for gold in the domestic market remains firm amid the marriage season as the precious metal is gifted to brides and grooms in large quantities.