Gold Prices Soar 176,467% in 79 Years: Unpacking India's Volatile Gold Market
India's gold market has seen significant fluctuations over the past eight decades. At independence in 1947, 10 grams of gold was priced at Rs 89. Fast forward to 2026, and the same amount now costs a staggering Rs 157,145, reflecting a rise of about 176,467%.
The price of gold has been uneven over the years. The first two decades saw little movement, while the most recent decade (2016-2026) witnessed a surge of around 450%. This period was marked by global disruptions such as the COVID-19 pandemic and trade tensions.
According to experts, the price of gold is linked to the strength of the US dollar and geopolitical situations worldwide. Central banks' buying habits also impact the demand for gold. In India's domestic market, import duties and festive seasons influence gold prices.