Gold Price Outlook : Indians have a special kind of attraction towards gold. In India, gold is also associated with faith and culture. In this country, gold is worshiped on many occasions including Lakshmi Puja. Marriages are not complete without gold jewellery. Gold has also given attractive returns in the long run compared to many other asset classes. According to India Bullion and Jewelers Association, at present the price of 24 carat gold is going to touch Rs 74,000 per 10 grams. On April 18, the price of gold had reached Rs 73,477 per 10 grams.
Prices have tripled in 9 years
The price of gold in the year 2015 was Rs 24,740 per 10 grams. It has taken more than 9 years for gold prices to triple from this level. Even before this, the price of gold had increased 3 times in more than 9 years. In the year 2006, the price of gold was Rs 8,250 per 10 grams. Earlier, it took about 19 years for the price of gold to triple. In the year 1987, the price of gold was Rs 2,570 per 10 grams. Earlier it took 8 years and 6 years for gold prices to triple.
date | 24 carat gold price per 10 grams | time taken to triple |
19-Apr-24 | 73596 | 8 years 9 months |
24-Jul-15 | 24740 | 9 years 5 months |
3-Mar-06 | 8250 | 18 years 11 months |
31-Mar-87 | 2570 | 8 years |
31-Mar-79 | 791.22 | 6 years |
When do gold prices increase?
Now the price of gold will be three times the current prices, close to Rs 2 lakh per 10 grams. This means that you will have to spend lakhs of rupees just to buy a little jewellery. Now you would like to know how much time will it take for the price of gold to triple this time. For this, first we need to know when the prices of gold increase. Gold prices increase in situations like recession in the global economy, geopolitical tension, fall in stock markets, rising inflation and economic crisis. In such circumstances, gold becomes a safe haven asset for investors and they invest in gold instead of the stock market and other investment options.
When will the price be Rs 2 lakh per 10 grams?
Talking about the last 5 years, we saw big events like Russia-Ukraine war, US-China trade war and Corona epidemic. Due to this, the price of gold increased from Rs 40,000 per 10 grams to Rs 73,000 per 10 grams. Gold jumped 75 percent in just 3.3 years. Earlier in the year 2014, the price of gold was Rs 28,000 per 10 grams, which reached Rs 31,250 per 10 grams in 2018. In this way, there was only 12 percent growth in 5 years. Jatin Trivedi, VP (Research Analyst), LKP Securities, said in an ET report, ‘Looking at the current trends, it seems that the price of gold will reach Rs 2 lakh per 10 grams in the next 7 to 12 years.’
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