Before independence, 10 grams of gold used to cost Rs 44.
[ad_1]
10 grams of gold was 44 rupees
Gold was not that expensive in India at the time of independence. In the year 1942, when the Second World War and the ‘Quit India Movement’ was at its peak in the country, the gold rate at that time was Rs 44 per 10 grams. According to the Indian Post Gold Coin Services, at the time of independence, in 1947, the price of gold increased to Rs 88.62 per 10 grams. After independence, the biggest decline in the price of gold came in the year 1964. At that time the price of gold had come down to Rs 63.25 per 10 grams.
In 1970, 10 grams of gold was available for Rs 184.
After this gold prices increased rapidly. In the year 1970, gold reached Rs 184 per 10 grams. After this, it reached Rs 540 per 10 grams in the year 1975 and Rs 1,333 per 10 grams in 1980. In the year 1985, the price of gold was Rs 2,130 per 10 grams. In the year 1990, it increased to Rs 3200 per 10 grams. If you see from today’s price, this rate is nothing. In the year 2000, the price of gold increased to Rs 4,400 per 10 grams.
Tremendous increase between 2005 and 2010
Between 2005 and 2010, there was a tremendous increase in gold prices. In 2005, the price of gold was Rs 7000 per 10 grams. It increased to Rs 18,500 per 10 grams in 2010. By the year 2020, this price reached Rs 48,651 per 10 grams. Now today gold is trading around Rs 59,200 per 10 grams. Two months back, gold prices had crossed Rs 62,000 per 10 grams.
When do gold prices increase?
If there is a slowdown or recession in the global economy, stock markets are falling, there is any geopolitical tension in the world or there is an atmosphere of uncertainty in the market, then gold rises. Gold is considered a safe haven asset. Whenever there is instability or uncertainty in the global economy and stock markets start falling, investors turn to gold. Apart from this, even when central banks buy gold, the price of gold goes up.
Gold prices increased 670 times
Gold prices have increased more than 670 times since independence. Now you can imagine that if you had bought gold at that time, you would have become rich today. At the time of independence, the rate of gold was Rs 88.62 per 10. At the same time, on Thursday, the price of gold on the MCX exchange was seen trading around Rs 59,200 per 10 grams. In this way gold has given 66,800 per cent return since independence.
1 lakh becomes 6.5 crore
If you had taken gold worth even Rs 10,000 at the time of independence, today your investment would have been Rs 66,80,000. On the other hand, if a person had bought and kept gold worth Rs 1 lakh in 1947, today he would be the owner of Rs 6 crore 68 lakh.
[ad_2]
Source link
