Soaring Gold Prices in India by 143% over the past 7 years, Outpacing Global Market Trends and Setting a Blazing Pace
In a significant development for investors and policymakers, clean, structured, and ready-to-use datasets related to year-wise Average Price of Gold and Silver in both domestic and foreign markets can be downloaded from Dataful. This valuable resource provides insights into the changing trends of these precious metals.
One such trend is the growing popularity of silver among smaller investors. With a lower price point compared to gold, silver has become an attractive alternative for those seeking to diversify their investment portfolio.
Over the past seven years, silver prices in Mumbai have seen a substantial increase. The annual average silver price per kilogram in Mumbai rose from ₹38,404 in 2018-19 to ₹89,131 in 2024-25. Similarly, the silver price per kilogram in Mumbai in 2024-25 stands at ₹89,130.53.
Gold prices in Mumbai have also experienced a steady rise. The annual average gold price per 10 grams in Mumbai increased from ₹31,193 in 2018-19 to ₹75,842 in 2024-25. Correspondingly, the gold price per kilogram in Mumbai in 2024-25 is ₹75,84,187.
Interestingly, domestic gold prices in Mumbai have consistently stayed above international prices in London. The highest gold price spread between Mumbai and London was ₹7,939.53 in 2023-24.
The Reserve Bank of India compiles yearly price data on gold and silver in its annual publication, "Handbook of Statistics on the Indian Economy". However, the institution that publishes annual data on gold and silver prices in India is not explicitly mentioned in the search results. Typically, in India, such data is often provided by governmental organizations like the India Bullion and Jewellers Association (IBJA) or the Ministry of Commerce and Industry, though this is not confirmed by the provided documents.
The gold-to-silver ratio, a tool used by investors to compare the relative value of these metals, shows that 1 kilogram of gold is worth about 85 kilograms of silver in 2024-25. This ratio, now reflecting changing dynamics in precious metals, indicates a shift in the market's favour of silver.
The steady rise in gold and silver prices, along with the widening domestic-international gap, highlights their importance as cultural assets and financial tools. Silver, often called "the poor man's gold," plays an essential role in industrial applications and affordable investment portfolios.
Understanding these trends helps investors and policymakers make informed decisions. The gold-to-silver ratio, for instance, can provide valuable insights into potential investment opportunities. As these trends continue to evolve, it is crucial for both investors and policymakers to stay informed and adapt to the changing market conditions.
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