Gold shines bright! Up 30% from Dhanteras 2023: Track how gold performed in last 10 years

As Dhanteras approaches, gold buyers are reflecting on a prosperous year, with those who purchased the yellow metal on last year’s Dhanteras, November 10, 2023, enjoying returns of around 30%.

Despite this substantial rise, experts predict further upside potential, with gold prices expected to reach Rs 87,000 per 10 grams by next Dhanteras, reflecting an additional gain of 10-11% from current levels.

So far in 2024, gold has surged by 24%, and the compound annual growth rate (CAGR) over the last five years stands at a solid 15%. Silver, often gold’s bullish companion, has performed even more impressively, delivering returns of 35% over the same period.

Historical Price Trends: Recent Years in Review

Gold prices have seen varied performances over recent years. In 2021, prices dipped by 6.73%, only to recover in 2022 with a gain of 6.37%.

Also ReadGold, silver rate today on October 29 in Mumbai, Delhi, Chennai, Kolkata: Here are latest prices of your city

The most notable appreciation was seen in 2020, when gold prices surged by 33.15%, marking the highest annual gain in the last seven years.

Dhanteras and Diwali: Gold demand surges

This Dhanteras, celebrated on Tuesday, is seeing significant demand despite record-high gold prices. Currently, domestic prices hover around Rs 80,000 per 10 grams, having remained near this mark for the past week. 

Since last year’s Diwali on November 10, gold prices have jumped from Rs 60,750 to approximately Rs 78,700 per 10 grams, marking a 30% increase, based on data from the Indian Bullion and Jewellers Association (IBJA).

Market sentiment: Rs 80,000 level in sight

With Dhanteras and Diwali around the corner, demand for gold remains robust, as buyers expect prices to test and potentially exceed the Rs 80,000 per 10 grams psychological level. 

Also ReadNo fireworks for Sensex, Nifty ahead of Diwali! 4 reasons why this could be the worst run-up to Diwali in 10 years

Diwali, set for October 31 this year, is likely to further drive purchases, adding to the festive season’s high demand despite elevated price levels.

Analysts outlook on gold for Samvat 2081

Commenting on the gold outlook for near term Anshul Jain, Head Research Analyst at Lakshmishree investment and securities said that This Diwali, gold has emerged from a significant “cup and handle” breakout at Rs 76,000,

 » Read More

Related Articles

Bribery allegations in GST registration spark FM Sitharaman’s response, CBIC clarifies on the matter

A social media post has again brought the spotlight on how alleged corruption continues in the tax regime and haunts people who want to expand their businesses. The post, shared by Vinod Gupta, revealed his frustration over delays in getting his Goods and Services Tax (GST) registration. He alleged in the post that after failing

India’s $4.56 billion metal exports to be hit by Trump’s tariff hike: GTRI

US President Donald Trump’s decision to double tariffs on steel and aluminium imports is set to impact India’s metal exports worth $4.56 billion, according to a report by the Global Trade Research Initiative (GTRI). The revised tariffs, which will take effect on June 4, 2025, are expected to make Indian metal products significantly more expensive

5 mutual funds that delivered the highest returns in a decade

The Indian stock market is currently going through a phase of volatility, with the Nifty 50 and BSE Sensex hovering below their record highs. After a good 2023 and 2024, midcaps and smallcaps corrected sharply. This was due to profit-booking, liquidity issues, and high PE multiples, leading investors back to largecaps. Yet, structural growth for

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Bribery allegations in GST registration spark FM Sitharaman’s response, CBIC clarifies on the matter

A social media post has again brought the spotlight on how alleged corruption continues in the tax regime and haunts people who want to expand their businesses. The post, shared by Vinod Gupta, revealed his frustration over delays in getting his Goods and Services Tax (GST) registration. He alleged in the post that after failing

India’s $4.56 billion metal exports to be hit by Trump’s tariff hike: GTRI

US President Donald Trump’s decision to double tariffs on steel and aluminium imports is set to impact India’s metal exports worth $4.56 billion, according to a report by the Global Trade Research Initiative (GTRI). The revised tariffs, which will take effect on June 4, 2025, are expected to make Indian metal products significantly more expensive

5 mutual funds that delivered the highest returns in a decade

The Indian stock market is currently going through a phase of volatility, with the Nifty 50 and BSE Sensex hovering below their record highs. After a good 2023 and 2024, midcaps and smallcaps corrected sharply. This was due to profit-booking, liquidity issues, and high PE multiples, leading investors back to largecaps. Yet, structural growth for

ITR forms and Excel utilities out, but you still can’t file income tax return online – Know why

ITR Filing AY2025-26: With almost a two-month delay, the Income Tax Department has made available two Excel-based offline utilities for ITR-1 and ITR-4, which are applicable basically to individual taxpayers with less than Rs 50 lakh annual income. Ideally, taxpayers need an ITR form applicable to them based on their income status and a corresponding

Ramdev’s Patanjali gets govt notice for suspicious fund diversion

Patanjali Ayurved, the company founded by yoga guru Ramdev, has come under fresh scrutiny from the Ministry of Corporate Affairs (MCA), which has issued a notice seeking an explanation over a series of financial transactions flagged as suspicious by federal economic intelligence agencies. A report by Bloomberg reveals that the government is probing possible fund