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A look at how gold prices in India have multiplied 5 times in the last 10 years
Gold prices have rallied 5-6 times in the last 10 years. Beginning with a price of Rs 5800 per 10 grammes, the price has now rallied close to Rs 27,000. Take a look at how gold prices have multiplied 6 times in the last 10 years.
Gold prices steady in 2004
In 2004, gold prices had a fairly steady year. Gold prices in India at the start of the year was around Rs 5800. Demand was more or less steady and prices were not very volatile. The year also marked the launch of SPDR Gold Shares (SPDR Gold Trust), one of the largest gold ETF's in the world.
Gold prices jump in 2005
In 2005, gold prices rallied and were placed at Rs 7000. The jump had largely to do with better economic conditions. In the last quarter of the year, gold rallied on global inflation worries, due to rising crude prices.
2006 saw good demand
In 2006, gold rallied further as demand for gold began to pick-up in countries like India and China. International prices also saw fresh momentum.
Gold hits the Rs 10,000 levels
The year 2007, was another year of steady gains as demand for the precious metal continued to rise. Gold closed the year above the Rs 10,000 levels per 10 grammes.
Gold prices jump on US housing crisis
The year saw one of the biggest financial crisis (Lehmann Brothers) in the world and people rushed to sell shares and buy gold. Indian gold prices began their upward journey and were around the Rs 13,000-14,000 levels.
Equities drop, gold rallies
It was the peak of the Post Lehmann crisis and equity shares had sunk. People began taking shelter in gold and gold saw super demand.
Another year of gains
This was another super year for gold investors. The metal touched the Rs 18,000 mark and almost hit Rs 25,000 towards the close of the year.Rupee depreciation did play a part in gold prices in India rallying.
Gold hits Rs 30,000
It was another year of gains for gold which moved to touch the Rs 30,000 levels. It was another peak that was conquered by the precious metal.
Another steady year
The precious metal continued its rally and ended the year around the Rs 32,000 levels, thanks to a sharp depreciation in the rupee that year.
First decline for gold
Gold prices in India declined for the first time in 12 years. The metal ended the year with losses in India.
Gold marginally lower
Gold prices are now around the Rs 26-Rs 27,000 levels during the Diwali season. Investors are not too keen to buy gold anymore as shares have hit record highs. Most investors are selling gold and buying shares.
