Gold Prices Remain Steady for Second Consecutive Day

Gold prices have shown no change for the second day in a row within the state. Currently, the price stands at Rs 5,410 per gram and Rs 43,280 per 10 grams.

After reaching its peak at $1,917 in 2011, global gold prices declined to $1,200 in 2012-13, further plummeting to $1,050. During this period, gold prices in India did not decrease due to the weakness of the Indian rupee, which fell from 46 to 60 against the dollar. A weaker rupee leads to higher gold prices. On August 15, 2013, the international gold price was $1,366, and the exchange rate for the Indian rupee was 67. At that time, gold was priced at Rs 2,775 per gram and the price for a “Pavan” (traditional unit of measurement) was Rs 22,200 per gram. Presently, gold has seen a substantial appreciation of 100%.

Even after 12 years, there has been only a minor $10 reduction in international gold prices. As the value of the dollar strengthens, the amount of gold held by individuals in India increases proportionally.