Gold Price In India From 1947 to 2023

India is the second-largest consumer of gold jewelry in the world, only next to China. On any special occasion celebrated in India, people, especially women, prefer to wear gold jewelry with their outfits. Apart from being a piece of jewelry, gold is also considered a good investment and most people prefer it over stocks and bonds. The price of gold keeps changing constantly and it has seen a significant change after the recent Covid pandemic in 2020. This article provides you details of the gold price in India from 1947 to 2023, just to provide you a general idea in case you are thinking of investment or purchase.

Year-wise Gold Price Chart for Independent India

Apart from being the second-largest consumer, India is also the second-largest importer of gold in the world. The price of gold in the country has seen a large surge since independence. In 1947, when India got its independence, the gold prices were less than Rs. 90.00. As of 2023, the prices have reached a maximum value (till date) of Rs. 62,320.00. The table below provides the price of gold in India and its fluctuation since 1947. The given prices are the average annual prices of 24 karat gold per 10 grams.

Year	Price	Year	Price
1947	Rs. 88.62	1986	Rs. 2,140.00
1948	Rs. 95.87	1987	Rs. 2,570.00
1949	Rs. 94.17	1988	Rs. 3,130.00
1950	Rs. 99.18	1989	Rs. 3,140.00
1951	Rs. 98.05	1990	Rs. 3,200.00
1952	Rs. 76.81	1991	Rs. 3,466.00
1953	Rs. 73.06	1992	Rs. 4,334.00
1954	Rs. 77.75	1993	Rs. 4,140.00
1955	Rs. 79.18	1994	Rs. 4,598.00
1956	Rs. 90.81	1995	Rs. 4,680.00
1957	Rs. 90.62	1996	Rs. 5,160.00
1958	Rs. 95.38	1997	Rs. 4,725.00
1959	Rs. 102.56	1998	Rs. 4,045.00
1960	Rs. 111.87	1999	Rs. 4,234.00
1961	Rs. 119.35	2000	Rs. 4,400.00
1962	Rs. 119.75	2001	Rs. 4,300.00
1963	Rs. 97.00	2002	Rs. 4,990.00
1964	Rs. 63.25	2003	Rs. 5,600.00
1965	Rs. 71.75	2004	Rs. 5,850.00
1966	Rs. 83.75	2005	Rs. 7,000.00
1967	Rs. 102.50	2006	Rs. 8570.00
1968	Rs. 162.00	2007	Rs. 10,800.00
1969	Rs. 176.00	2008	Rs. 12,500.00
1970	Rs. 184.00	2009	Rs. 14,500.00
1971	Rs. 193.00	2010	Rs. 18,500.00
1972	Rs. 202.00	2011	Rs. 26,400.00
1973	Rs. 278.50	2012	Rs. 31,050.00
1974	Rs. 506.00	2013	Rs. 29,600.00
1975	Rs. 540.00	2014	Rs. 28,006.50
1976	Rs. 432.00	2015	Rs. 26,343.50
1977	Rs. 486.00	2016	Rs. 28,623.50
1978	Rs. 685.00	2017	Rs. 29,667.50
1979	Rs. 937.00	2018	Rs. 31,438.00
1980	Rs. 1,330.00	2019	Rs. 35,220.00
1981	Rs. 1,800.00	2020	Rs. 48,651.00
1982	Rs. 1,645.00	2021	Rs. 48,720.00
1983	Rs. 1,800.00	2022	Rs. 52,670.00
1984	Rs. 1,970.00	2023	Rs. 58350.00 (it may vary daily)
1985	Rs. 2,130.00

Also check: Dollar vs INR 1947 to Present

Factors Affecting Prices Of Gold

There are different factors that affect the prices of gold in the market. Knowledge of these factors is considered important for those looking for an investment opportunity in this yellow metal. The study of gold price change can provide important insight into future fluctuations and investors can make their investment plans according to it. You have already seen the gold price change trend in India in the table above. Now, let us have a look at the factors that affect the prices of gold at any given point of time.

• The demand for gold in the market
• Supply of gold in the market
• Production of gold in a given year
• Stability of the central banks
• Quantitative easing (it is a monetary policy strategy that central banks use to keep credit flowing to the economy)
• Strength of Government reserves
• The health of the jewelry industry
• Issues such as pandemics or recessions, etc

Frequently Asked Questions

Please note that the prices of gold change not only yearly but on a daily basis too. The prices mentioned in this post are only the average annual price of gold given for reference purposes.  Before making any kind of investment, you must do proper market research and only then take any steps.