The Golden Ride down Memory Lane
Harking back to 2013, our shiny friend was priced around Rs 29,000 per 10 grams. What a bargain, right? Then comes 2014, the price fell to Rs 28,000 and then further down to Rs 26,000 in 2015. That tumbled-down scenario didn’t last long because, believe it or not, it crawled back to Rs 28,000 in 2016.2017 and 2018 rolled in and – kerfuffle! They brought some increase with them. Gold went up to Rs 29,000 and further to Rs 31,000 respectively. Long story short, it was a promising uphill journey. Surprising?,
The True Gold Rush
From 2019, the gold rush really kicked in. This was great news for those who have been working on their collectible gold coin set. The price of the shiny gem leapt to Rs 35,000 per 10 grams. Then came 2020 with its many challenges, but that didn't stop gold from surging to a whopping Rs 48,000.The following year carried a little stillness. Gold prices remained stable at Rs 48,000 in 2021, playing it cool. You know! But then again, 2022 had a different agenda and saw a climb to Rs 52,000. Gold threw us for a loop in 2023, hurtling to a record-breaking Rs 61,000 per 10 grams.
The Gold Vibes Today
When you swing to recent times, the gold prices have been nothing short of a wild rollercoaster ride. According to HDFC Securities, gold prices took a nosedive by Rs 430 to Rs 60,550 per 10 grams quite recently. On the other hand, the precious goodie settled at Rs 60,980 in the previous trade.The Akshay Tritiya Effect
Not many would think, but Akshay Tritiya, a festival considered lucky for buying gold in India, can get the prices soaring. Like, really soaring! Why? Well, because demand skyrockets and when demand pushes, prices shove back. It's basic economics, my dudes.Some expert insights suggest retail demand may spike around the holiday. Increased demand during this time traditionally leads to an increase in gold prices. So, if you're really thinking about it, the price hikes during this period shouldn't be too surprising.
A Glimpse into the Future
Some may say that gold prices may rise during the coming Akshaya Tritiya, especially with returns standing at 20% since last year's festival. Prices could go higher according to Anuj Gupta from IIFL Securities. One wonders...In conclusion - or should I say, the final scoop - the thrill of gold prices leaves us all hanging. It’s an unpredictable ride, full of climbs and drops, but that's the beauty of it. You never really know where the price might venture next
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