History of Gold Rates in India
The prevalence of gold in India has been quite popular since ancient times. India is one of the leading consumers of gold in the world. Gold is an important part of our total imports. Gold is also considered a 'safe' investment due to it being a precious metal. Investors study the markets for fluctuations in the price of gold, which determine the gold demand.
The table below shows the historical activity of gold prices in India:
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| Year | Price (24 karat per 10 grams) | Year | Price (24 karat per 10 grams) | ||||
| 1964 | ₹ 63.25 | 1992 | ₹ 4,334.00 | ||||
| 1965 | ₹ 71.75 | 1993 | ₹ 4,140.00 | ||||
| 1966 | ₹ 83.75 | 1994 | ₹ 4,598.00 | ||||
| 1967 | ₹ 102.50 | 1995 | ₹ 4,680.00 | ||||
| 1968 | ₹ 162.00 | 1996 | ₹ 5,160.00 | ||||
| 1969 | ₹ 176.00 | 1997 | ₹ 4,725.00 | ||||
| 1970 | ₹ 184.00 | 1998 | ₹ 4,045.00 | ||||
| 1971 | ₹ 193.00 | 1999 | ₹ 4,234.00 | ||||
| 1972 | ₹ 202.00 | 2000 | ₹ 4,400.00 | ||||
| 1973 | ₹ 278.50 | 2001 | ₹ 4,300.00 | ||||
| 1974 | ₹ 506.00 | 2002 | ₹ 4,990.00 | ||||
| 1975 | ₹ 540.00 | 2003 | ₹ 5,600.00 | ||||
| 1976 | ₹ 432.00 | 2004 | ₹ 5,850.00 | ||||
| 1977 | ₹ 486.00 | 2005 | ₹ 7,000.00 | ||||
| 1978 | ₹ 685.00 | 2006 | ₹ 8,400.00 | ||||
| 1979 | ₹ 937.00 | 2007 | ₹ 10,800.00 | ||||
| 1980 | ₹ 1,330.00 | 2008 | ₹ 12,500.00 | ||||
| 1981 | ₹ 1,800.00 | 2009 | ₹ 14,500.00 | ||||
| 1982 | ₹ 1,645.00 | 2010 | ₹ 18,500.00 | ||||
| 1983 | ₹ 1,800.00 | 2011 | ₹ 26,400.00 | ||||
| 1984 | ₹ 1,970.00 | 2012 | ₹ 31,050.00 | ||||
| 1985 | ₹ 2,130.00 | 2013 | ₹ 29,600.00 | ||||
| 1986 | ₹ 2,140.00 | 2014 | ₹ 28,006.50 | ||||
| 1987 | ₹ 2,570.00 | 2015 | ₹ 26,343.50 | ||||
| 1988 | ₹ 3,130.00 | 2016 | ₹ 28,623.50 | ||||
| 1989 | ₹ 3,140.00 | 2017 | ₹ 29,667.50 | ||||
| 1990 | ₹ 3,200.00 | 2018 | ₹ 31,438.00 | ||||
| 1991 | ₹ 3,466.00 | ||||||
It is important to note here that gold prices fluctuate many times throughout the year and the above chart shows the average price of gold in that year.
If you ignore a few years in the above table, then almost every year the price trend of gold has been increasing historically and if we keep this in mind, then it can be said that gold can be a long term safe investment.