As Dhanteras 2023 approaches, investors are reflecting on a golden year for gold. Those who invested in the precious metal on Dhanteras last year have gained approximately 30% returns on their investment. With gold prices rising consistently over the past few years, buyers are optimistic about further upside potential in the coming months.
According to data, gold prices in India have surged by 24% so far in 2024. Over the past five years, the yellow metal has delivered an impressive compound annual growth rate (CAGR) of 15%. While gold witnessed a dip of 6.73% in 2021, it recovered well in 2022 with gains of 6.37%. The most notable appreciation for gold came in 2020 when prices jumped by a massive 33.15% – the highest yearly increase in seven years.
Gold continues to shine brightly on Dhanteras 2022 as well, with strong consumer demand despite record-high rates. Currently, domestic gold prices are hovering around Rs 80,000 per 10 grams, near this mark for over a week. Compared to last year’s Dhanteras on November 10, 2023, when gold was priced at Rs 60,750 per 10 grams, prices have surged by a sizable 30% in a year.
Market analysts remain positive on gold’s prospects. Many expect gold prices to hit Rs 87,000 per 10 grams by next Dhanteras. Upcoming festivals like Diwali are also likely to further fuel gold purchases. With geopolitical tensions, monetary policy changes and inflationary pressures, gold stands out as a trusted haven for investors looking to safeguard their wealth.
