Gold Price History Chart 100 Years In India
The Beginning of Gold Trading in India
In India, gold holds a special place in the hearts of many people. It is considered a symbol of prosperity and wealth. The gold industry in India dates back to ancient times, where it was used as currency, jewelry, and as an offering to the gods. The gold market started to formalize in India in the early 1900s, with the establishment of the Bombay Bullion Association in 1919.
The Gold Standard Era
India was under British Rule until 1947. During this time, the British introduced the Gold Standard, which meant that the value of the Indian Rupee was pegged to the value of gold. This era saw a stable gold price in India, with fluctuations based on global gold prices.
The Post-Independence Era
After India gained independence in 1947, the government took over the regulation of the gold market. The government introduced the Gold Control Act in 1962, which aimed to regulate the production, distribution, and consumption of gold in India. This led to a rise in the gold price in India, as the government introduced import duties and taxes on gold.
The 1990s and the Liberalization of the Gold Market
In the 1990s, the Indian government started to liberalize the gold market. It removed many of the restrictions on gold imports and allowed more private players to enter the market. This led to a decrease in the gold price in India, as the market became more competitive.
The 21st Century: Gold Prices in India
In the 21st century, the gold price in India has continued to rise. In 2010, the gold price in India was around Rs. 18,500 per 10 grams. By 2020, it had risen to around Rs. 50,000 per 10 grams. The rise in gold prices can be attributed to a number of factors, including economic instability, inflation, and geopolitical tensions.
The Impact of GST on Gold Prices
In 2017, the Indian government introduced the Goods and Services Tax (GST), which aimed to simplify the tax system in India. The GST replaced many of the indirect taxes, including the excise duty and VAT, that were previously levied on gold. The GST on gold is currently set at 3%. This has led to a slight increase in the gold price in India, as the additional tax is passed on to the consumer.
The Future of Gold Prices in India
The future of gold prices in India is uncertain. The gold market is subject to many external factors, including global economic conditions, geopolitical tensions, and changes in government regulations. However, gold is an important part of Indian culture and tradition, and it is likely to remain a valuable asset for many years to come.