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

Govt to amend Unified Pension Scheme to make it more employee friendly? Here’s what Finance Minister says

The Modi government launched the Unified Pension Scheme (UPS) under the National Pension System (NPS) on April 1 this year. The UPS was conceived as a new pension plan for central government employees, giving them an option to subscribe to a new scheme that combines some of the unique features from the existing NPS and

Trump’s tariffs on India: ‘Many exporters might face order cancellations or pressure to…’, says expert on India’s textile sector

US President Donald Trump’s decision to impose a 25 per cent additional import duty along with a penalty on Indian goods, effective August 1, is expected to significantly impact India’s textile and apparel industry. The penalty has been linked to India’s purchase of crude oil and military equipment from Russia, adding another layer of uncertainty

Markets close off lows despite tariff shocker, Nifty below 24,800; BSE market cap declines by Rs 5 lakh crore

The Indian stock market ended Thursday’s trading session on a muted note, recovering from early losses triggered by US President Donald Trump’s shock announcement of a 25% tariff on Indian exports and an additional penalty over India’s energy ties with Russia. The Sensex closed the session at 81,185.58, down by 0.36%, while the Nifty 50

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Govt to amend Unified Pension Scheme to make it more employee friendly? Here’s what Finance Minister says

The Modi government launched the Unified Pension Scheme (UPS) under the National Pension System (NPS) on April 1 this year. The UPS was conceived as a new pension plan for central government employees, giving them an option to subscribe to a new scheme that combines some of the unique features from the existing NPS and

Trump’s tariffs on India: ‘Many exporters might face order cancellations or pressure to…’, says expert on India’s textile sector

US President Donald Trump’s decision to impose a 25 per cent additional import duty along with a penalty on Indian goods, effective August 1, is expected to significantly impact India’s textile and apparel industry. The penalty has been linked to India’s purchase of crude oil and military equipment from Russia, adding another layer of uncertainty

Markets close off lows despite tariff shocker, Nifty below 24,800; BSE market cap declines by Rs 5 lakh crore

The Indian stock market ended Thursday’s trading session on a muted note, recovering from early losses triggered by US President Donald Trump’s shock announcement of a 25% tariff on Indian exports and an additional penalty over India’s energy ties with Russia. The Sensex closed the session at 81,185.58, down by 0.36%, while the Nifty 50

Highest bank FD rates in July: Which banks offer best fixed deposit interest rates to senior citizens?

It seems that the high-interest-rate regime, which prevailed for almost three years, has come to an end in the wake of the RBI slashing the repo rate by 100 basis points (bps) this year. However, there are some private sector banks that are still offering attractive interest rates on their fixed deposits (FDs) for senior

IndiGo Q1 FY26: Profit drops 20%, while passenger traffic and revenue grow- Key highlights

IndiGo airline operator InterGlobe Aviation reported a drop in first-quarter profit on Wednesday. The company posted a profit of Rs 2,176.3 crore for the April–June period, down 20.25 per cent from Rs 2,728.8 crore a year ago, and down 29 per cent sequentially from Rs 3,067.5 crore in Q4 FY25. Revenue from operations stood at