Indians are the largest consumers of gold in the world, there is no other population in any other country that has a demand for gold as strong as ours. In fact, gold constitutes 12.50% of our total imports (in FY 2012-2013), which is a whopping $61,409 million.
Historical gold rate trend in India
The below chart represents the historical movement of gold prices in India. It’s important to note that the gold prices would fluctuate during the year and the amount mentioned below is a representation of the average price for that year.
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| Year | Price | Year | Price | ||||
| 1964 | Rs. 63.25 | 1991 | Rs. 3,466.00 | ||||
| 1965 | Rs. 71.75 | 1992 | Rs. 4,334.00 | ||||
| 1966 | Rs. 83.75 | 1993 | Rs. 4,140.00 | ||||
| 1967 | Rs. 102.50 | 1994 | Rs. 4,598.00 | ||||
| 1968 | Rs. 162.00 | 1995 | Rs. 4,680.00 | ||||
| 1969 | Rs. 176.00 | 1996 | Rs. 5,160.00 | ||||
| 1970 | Rs. 184.00 | 1997 | Rs. 4,725.00 | ||||
| 1971 | Rs. 193.00 | 1998 | Rs. 4,045.00 | ||||
| 1972 | Rs. 202.00 | 1999 | Rs. 4,234.00 | ||||
| 1973 | Rs. 278.50 | 2000 | Rs. 4,400.00 | ||||
| 1974 | Rs. 506.00 | 2001 | Rs. 4,300.00 | ||||
| 1975 | Rs. 540.00 | 2002 | Rs. 4,990.00 | ||||
| 1976 | Rs. 432.00 | 2003 | Rs. 5,600.00 | ||||
| 1977 | Rs. 486.00 | 2004 | Rs. 5,850.00 | ||||
| 1978 | Rs. 685.00 | 2005 | Rs. 7,000.00 | ||||
| 1979 | Rs. 937.00 | 2006 | Rs. 8,400.00 | ||||
| 1980 | Rs. 1,330.00 | 2007 | Rs. 10,800.00 | ||||
| 1981 | Rs. 1,800.00 | 2008 | Rs. 12,500.00 | ||||
| 1982 | Rs. 1,645.00 | 2009 | Rs. 14,500.00 | ||||
| 1983 | Rs. 1,800.00 | 2010 | Rs. 18,500.00 | ||||
| 1984 | Rs. 1,970.00 | 2011 | Rs. 26,400.00 | ||||
| 1985 | Rs. 2,130.00 | 2012 | Rs. 31,050.00 | ||||
| 1986 | Rs. 2,140.00 | 2013 | Rs. 29,600.00 | ||||
| 1987 | Rs. 2,570.00 | 2014 | Rs.28,006.50 | ||||
| 1988 | Rs. 3,130.00 | 2015 | Rs.26,343.50 | ||||
| 1989 | Rs. 3,140.00 | 2016 | Rs.28,623.50 | ||||
| 1990 | Rs. 3,200.00 | 2017 | Rs.29,667.50 | ||||