In the 1950s, the price of gold in India was relatively stable, with very little fluctuation. It was fixed by the government at a rate of Rs. 187.50 per 10 grams in 1954.
In the 1960s and 1970s, the price of gold started to increase slowly due to inflation and global economic factors. By the late 1970s, the price had risen to around Rs. 937 per 10 grams.
In the 1980s, there was a significant jump in gold prices. In 1980, the price reached a high of around Rs. 2,500 per 10 grams due to a combination of factors like political instability and global economic uncertainty.
The 1990s saw some fluctuations, but the price remained relatively high compared to previous decades, averaging around Rs. 3,000 to Rs. 4,000 per 10 grams.
In the early 2000s, the price of gold started to rise steadily, and by 2011, it reached an all-time high of around Rs. 31,000 per 10 grams due to factors like economic uncertainty and increased investment in gold.
From 2011 to 2019, the price of gold continued to fluctuate but generally remained at a higher level compared to previous decades. The gold price in India doubled from Rs. 26,400 per 10 grams in 2011 to Rs. 35,000 per 10 grams in 2019.
The average gold price in India in the last 3 years has increased by 14.85%, from Rs. 3,965.81 per gram in September 2020 to Rs. 5,362.53 per gram in September 2023.