Will gold become inaccessible in the future? Is silver the new gold of India?

Will gold become inaccessible in the future? Is silver the new gold of India?

written by
Kishen Muralidharan

July 11, 2024

5min read

#gold buyers
#pledge gold
#pledge gold
#gold future

Gold is one of the world’s most precious metals; just like any other precious metal, gold also comes with a high price tag. In India, gold prices have hiked 165.97% in the last decade. Silver is also coming up in the Indian market as a highly valued metal for the public to invest in, even though gold is preferred more among the general population. This is why, in this blog, we will investigate the gold future inIndia and see if silver has the potential to become the primary investment choice for the Indian economy. Now, to understand if gold will lose its position as the primary investment choice for most Indians, we need to first look at the history of gold.

History of gold in India

Gold has been in India since the Indus Valley civilization. Back then, it was used as a form of currency and ornament. On the other hand, we mainly use it as jewellery and a high ROI commodity. Now, let’s take a look at how gold prices have been changing over the years.


In 2010, 10 grams of 24-carat gold was valued at 18,500 rupees. It was the starting year for the gold price bloom, and gold buyers were excited to get that extra return on their investment.


In 2011, 10 grams of 24-carat gold was 26,400 rupees, a whopping 42.7% increase from the previous year. 


In 2012, the gold price was going 31,050 rupees per 10 grams of 24 carat gold. 


In 2012, the gold price was going 31,050 rupees per 10 grams of 24 carat gold. 


2013 marked the first year of a two-year-long decline in gold value. This time, the gold value suddenly dropped by 1,450 rupees. However most of the gold buyers were cautious not to sell gold quickly because they forecasted the US market recovery during this period.


Due to geo-political issues, gold value again dropped to 28,006.5 rupees in 2014. 


Gold prices again dropped (26,343.5 rupees) because of low demand in India. 


In the year 2016, investors were facing uncertainty in financial markets that’s why they switched to gold and that made the gold market bloom once again. 


This year, gold values went up again by 1044 rupees, and gold buyers were once again ready to pledge gold.

2018 – 2024

From 2018 to 2024, gold value increased from 31,438 rupees to 74,490 rupees (136.9% hike).

History of silver in India

Silver has been in India for a long time and is generally used in everyday articles, jewellery and cutlery. Silver is quite popular among investors but has not always performed well in the market. Silver value crashed in 2012, and the decline went on till 2016 (33.9% drop in value). This happened due to the Federal Reserve’s changing monetary policies. After 2016, silver value again started to increase, only to fall in 2021 due to the Covid-19 pandemic. It fell again to 55100 rupees in 2022 due to the fact that the US dollar is getting stronger. The government decided to reduce the import duty on silver and that’s why the silver value increased in 2023 by 42.6% than the previous year.


In conclusion, gold has always been the number one investment choice for Indians due to its high liquidity potential, even though silver gave some good return on investment in the previous years. Now, if we compare the historical trends between the two, we can see that gold gave more return on investment in the previous decade than silver. And with that in mind we can easily rule out the possibility of silver replacing gold and forecast that gold will still be the first choice of investment among investors. 

When it comes time to sell, choosing White Gold ensures you receive the best value for your gold with transparent and fair transactions.

So, Sell your gold and get the value transferred to your bank account easily with White Gold.

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