There is concern due to rising gold imports, but gold is once again shining as one of the best yielding assets this year.

Return of Gold in One Year: Gold is a yellow metal or precious metal for which Indians have a well-known passion. The country’s gold import has increased to $3.5 billion in August 2023. Last year i.e. the total import of gold in the year 2022 was 3.4 trillion rupees. Indians’ interest in gold has once again sparked a debate as Prime Minister’s Economic Advisory Council (PM-EAC) temporary member Nilesh Shah has made a big point about it.

500 billion dollars were spent on importing gold in 21 years.

Mutual fund industry veteran Nilesh Shah has said that over the past 21 years, Indians have spent nearly $500 billion on gold imports alone. Not only this, Nilesh Shah even said that India would have achieved the $5000 billion ($5 trillion) Gross Domestic Product (GDP) target ‘a long time ago’ if the people of India had not gotten into the habit of importing gold. would have would get it.”

Gold has given good returns in the last one year.

The Golden Metal Gold has consistently given excellent returns over the years and has emerged as one of the fastest-returning investment instruments among financial assets. Gold has not lost its luster even during the Covid era and has given the highest returns among mutual funds. If we talk about one year, gold has given a return of Rs 5715 per 10 grams and if we look at it in percentage terms, it is a return of 10.85%.

20% return in 3 years

While the price of gold in the year 2020 was Rs 48,651 per 10 grams, if we look at the latest rates for 2023, it has come down to Rs 58,385 per 10 grams. That means the gold investors have made a profit of around Rs 10,000 per 10 grams. If seen in percentage terms, this is a direct return of 20 percent and can be considered a good return compared to other investment assets.

See gold rates since 2010

If we look at the period from 2010 to 2020, the rate in 2010 was Rs 18,500 per 10 grams and the average price of gold in 2020 was Rs 48,651 per 10 grams.

This year saw a huge rise in gold.

The year 2023 has seen a big fluctuation in the price of gold. In 2022, the price of gold has increased tremendously. In the first six months of the year 2023, the price of gold metal has seen an increase of Rs 3000, which is an increase of about 6.5%. The price of gold has been rising continuously due to reasons like the Russia-Ukraine war last year, rate hikes by the US Federal Reserve and rising inflation.

Why is there so much interest in gold?

This precious metal is generally considered a safe haven for investors and has low volatility. Assets such as oil and the dollar are considered risky assets and tend to go down quickly when their prices are low, while gold prices go up very quickly. Fluctuations in the price of gold depend on the movements in the global market.

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