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

Markets to track inflation data, global trends, FIIs trading activity this week: Analysts

Investors would track a host of macroeconomic data announcements scheduled this week, including inflation numbers, and also monitor global market trends, and trading activity of foreign institutional investors, analysts said. The ongoing quarterly earnings announcements and the rupee-dollar trend would also influence the markets. “This week is set to be dynamic for global and Indian

The Evolution of Gurgaon’s Real Estate: How Dwarka Expressway is leading the way

With rising demand and consistent price appreciation, Gurgaon’s real estate market is on a strong growth trajectory. Its prime location, excellent connectivity, and world-class infrastructure make it a preferred choice for homebuyers and investors alike. The Evolution of Gurgaon Real Estate Infrastructure Gurgaon has long been a pioneer in shaping India’s luxury real estate market

Fixed Deposit: Make the most of current FD rates before they start falling

Fixed deposit (FD) rates are currently looking pretty attractive. If you’ve been thinking about parking your savings in guaranteed return investment schemes and earn decent returns, this might be the best time to do so. Banks are currently offering interest rates as high as 8% on FDs, with smaller banks pushing the envelope even further.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Markets to track inflation data, global trends, FIIs trading activity this week: Analysts

Investors would track a host of macroeconomic data announcements scheduled this week, including inflation numbers, and also monitor global market trends, and trading activity of foreign institutional investors, analysts said. The ongoing quarterly earnings announcements and the rupee-dollar trend would also influence the markets. “This week is set to be dynamic for global and Indian

The Evolution of Gurgaon’s Real Estate: How Dwarka Expressway is leading the way

With rising demand and consistent price appreciation, Gurgaon’s real estate market is on a strong growth trajectory. Its prime location, excellent connectivity, and world-class infrastructure make it a preferred choice for homebuyers and investors alike. The Evolution of Gurgaon Real Estate Infrastructure Gurgaon has long been a pioneer in shaping India’s luxury real estate market

Fixed Deposit: Make the most of current FD rates before they start falling

Fixed deposit (FD) rates are currently looking pretty attractive. If you’ve been thinking about parking your savings in guaranteed return investment schemes and earn decent returns, this might be the best time to do so. Banks are currently offering interest rates as high as 8% on FDs, with smaller banks pushing the envelope even further.

FPIs’ incessant selling continues; withdraw Rs 7,300 crore from equities in a week

The exodus of FPIs from the Indian equity markets continued unabated, as they withdrew over Rs 7,300 crore (about 840 million) in the first week of this month due to global trade tensions, with the US imposing tariffs on countries such as Canada, Mexico, and China. This came following an outflow of Rs 78,027 crore

Co-working spaces boom in small towns

In December last year, Andhra Pradesh chief minister N Chandrababu Naidu, in a bid to boost employment opportunities for women, ordered state officials to facilitate development of co-working spaces and “neighbourhood working spaces”. By the end of 2025, Andhra Pradesh aims to set up 1,50,000 seats in co-working space centres in government and private buildings.