Gold Return in One Year: Gold is that yellow metal or precious metal for which Indians have a well-known fascination. The country’s gold import has increased to $3.5 billion in August 2023. Last year i.e. in the year 2022, the total import of gold was Rs 3.4 trillion. The debate has once again erupted over Indians’ fascination with gold because Nilesh Shah, a temporary member of the Prime Minister’s Economic Advisory Council (PM-EAC), has said a big thing about it.
500 billion dollars spent on gold import in 21 years
Mutual fund industry veteran Nilesh Shah has said that in the last 21 years, Indians have spent about $500 billion on gold imports alone. Not only this, Nilesh Shah even said that if the people of India had not got into the habit of importing gold, then India would have achieved the target of Gross Domestic Product (GDP) of 5000 billion dollars ($5 trillion) ‘much earlier’. Would have achieved.”
Gold gave good returns in the last one year
Golden Metal Gold has given excellent returns for many years continuously and has emerged as the fastest returning investment tool among financial assets. Even during the Covid period, the shine of gold did not diminish and it gave the highest returns along with mutual funds. If we talk about one year, gold has given a return of Rs 5715 per 10 grams and if we look at it in percentage, it is a return of 10.85 percent.
20 percent return in 3 years
While in the year 2020, the rate of gold was Rs 48,651 per 10 grams, if we look at the latest rates of 2023, it has come down to Rs 58,385 per 10 grams. That means, gold investors have got a profit of about Rs 10,000 on every 10 grams. If seen in percentage, this is a direct return of 20 percent and this can be considered a good return compared to other investment assets.
View gold rates since 2010
If we look at the period from 2010 to 2020, in the year 2010 its rate was Rs 18,500 per 10 grams and in the year 2020 the average gold price was Rs 48,651 per 10 grams.
Great rise seen in gold this year
Big fluctuations have been seen in the price of gold in the year 2023. Gold prices have increased strongly in 2022. In the first six months of the year 2023, an increase of Rs 3000 has been seen in the rate of golden metal, which is a jump of about 6.5 percent. Last year, due to reasons like Russia-Ukraine war, increase in rates by the US Federal Reserve and rising inflation, the prices of gold have been continuously increasing.
Why is there so much interest in gold?
This precious metal is generally considered a safe haven for investors and has low volatility. Assets like oil and dollar are considered risky assets and when their prices go down, they go down rapidly, whereas the prices of gold go up very quickly. Fluctuations in the value of gold are seen depending on the movements happening in the global market.
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