Gold Price History & Trends In India

India's love for gold has made it one of the largest consumers of the precious metal in the world. This demand significantly impacts the domestic gold market, influencing prices and shaping economic trends. As a symbol of prosperity, purity, and tradition, gold exceeds its economic value and holds a special place in the lives of millions of Indians.

The gold rate trend in India is a subject of great interest for investors, traders, and the general public, as it affects their purchasing power and financial decisions. The gold rate in India is influenced by a complex interplay of global and domestic factors. If you want to invest in gold, here's a guide with all the information you need to know about the historical value of gold in India and its price trend.

Gold Price In India from 2023-2024

As gold is typically traded in US dollars, fluctuations in the value of the Indian rupee against the US dollar directly impact the domestic price of gold. Let's take a look at the gold prices in India from January 2023 to April 2024 in the table below.

Past 10 Years Gold Price History in India

Historical Value of Gold from 1964 to 2023

Gold Rates In Top Indian Cities

Due to India's geographical expansion and diverse regional economies, the gold rates can vary across different cities and regions. The top metropolitan cities of India, including financial hubs like Mumbai, Delhi, and Bengaluru, play a crucial role in shaping the domestic gold market and gold rate in India. These cities are home to major bullion markets, jewelry manufacturing hubs, and a large concentration of affluent consumers.

As a result, the gold rates in these urban centers are closely watched and often serve as benchmarks for the rest of the country. Each city's gold rate is influenced by factors such as local demand, taxes, duties, and transportation costs.

22 Carat Gold Rates in Top Cities in India

The 22-carat purity is very popular in India for jewelry and investment purchases. The rates vary across cities due to factors like local taxes, transportation costs, and regional demand.

The table below shows the 22-carat gold rates in major Indian cities on April 25, 2024.

24 Carat Gold Rates in Top Cities in India

Among the various purity levels of gold, 24-carat gold, also known as pure gold, is highly sought after in the Indian market.The table below showcases the current (April 25, 2024) prices of 24-carat gold in some of India's major cities.

Factors Affecting Gold Rates In India

Gold is an important part of India due to its cultural significance and use in jewelry, investments, and rituals. As a major consumer of gold globally, the rates of gold in India are influenced by various factors.

Understanding the factors that affect gold rates is crucial for investors, jewelers, and consumers to make informed decisions regarding buying, selling, or trading in the Indian gold market.

1. US Dollar Interest Rates

• The US Federal Reserve interest rates have a significant impact on global gold prices. When interest rates are low, it makes gold a more attractive investment compared to interest-bearing assets like bonds.
• This can drive up gold prices globally, which can in turn affect gold rates in India today.

2. Geopolitical Uncertainty

• Geopolitical tensions and wars can increase the demand for gold as a safe-haven asset. This is because gold is seen as a stable investment that tends to hold its value during times of crisis.
• When there is geopolitical uncertainty, investors may flock to gold, driving up prices globally and impacting rates in India.

3. Global Economic Conditions

• The overall health of the global economy can also affect gold prices.
• During economic downturns, investors may seek the safety of gold, which can drive up prices. Conversely, during strong economic periods, investors may be more likely to invest in riskier assets, which can put downward pressure on gold prices.

4. Supply and Demand

• The global supply and demand for gold also play a role in determining its price.
• If there is a disruption in the supply of gold, such as from a major gold-producing country, it can drive up prices. Similarly, if there is a sudden increase in demand for gold, it can also lead to higher prices.

5. Exchange Rates

• Since gold is priced in US dollars on the global market, fluctuations in the exchange rate between the Indian rupee (INR) and the US dollar (USD) can also affect gold rates in India.
• A weaker rupee against the dollar can make gold imports more expensive, which can lead to higher gold prices in India. Conversely, a stronger rupee can make gold imports cheaper, which can put downward pressure on gold prices in India.

India Vs. US Gold Rate Comparison

The table below will highlight the prices per gram or ounce for easy comparison and analysis of the gold rates between India and the US of both 22-carat and 24-carat gold (April 25, 2024).