Few financial assets have a more dramatic long-term price history than gold in India. From a controlled price of approximately ₹63 per 10 grams in 1964, gold has appreciated to over ₹1,55,000 per 10 grams in 2026 — a nominal appreciation of roughly 2,400 times over 62 years. Understanding this history provides context for where prices stand today and what forces have driven each major epoch.
1960s–1970s: Gold Prohibition Era
Following the Gold (Control) Act of 1968, private citizens were prohibited from holding gold bars and coins in India. Jewellery was the only permitted form, and prices were administratively controlled. The black market premium was substantial. This era ended only with the repeal of the Gold Control Act in 1990, which was part of the broader liberalisation of the Indian economy.
1990s: Liberalisation Opens the Floodgates
Gold imports were liberalised in stages through the 1990s. NRI gold import schemes allowed diaspora members to bring in gold at concessional duty, boosting supply. Prices moved from approximately ₹3,200 per 10 grams in 1991 to ₹4,400 by 2000. The decade was characterised by relatively stable prices in rupee terms, though significant in hindsight as the foundation for the bull market that followed.
2000s–2012: The Great Bull Market
The financial crisis of 2008, which shook confidence in equities and paper currencies globally, triggered a massive bull market in gold. From approximately ₹6,000 per 10 grams in 2004, gold surged to a then-record of ₹32,000 per 10 grams by 2012. In the same period, the international gold price rose from around $400 per ounce to over $1,900 per ounce.
2013–2018: The Long Consolidation
The taper tantrum of 2013, sparked by the US Federal Reserve signalling a reduction in bond purchases, caused a sharp reversal in global gold prices. Indian gold prices fell from ₹32,000 to ₹25,000 per 10 grams and remained range-bound for five years. This period tested the patience of long-term gold holders.
2019–2026: New All-Time Highs
The COVID-19 pandemic and subsequent global money printing ignited the next bull market. From ₹32,000 per 10 grams at the start of 2019, gold surged past ₹50,000 during the pandemic, crossed ₹1,00,000 in 2024 and has now reached ₹1,55,000 in 2026. The current level, while historically high, represents a continuation of gold's long-term role as a store of value in an increasingly uncertain global financial environment.