Gold Price History in India (₹)
Gold in rupees, from the NAV of India's longest-running gold ETF. It follows the domestic gold price, which moves with the global price and the rupee, after fund costs.
Price history
Month-end values, on a log scale (equal distances are equal percentage changes). Hover a year-end point for its value.
About Gold (domestic, ₹)
Gold in rupees, from the NAV of a gold ETF that holds physical gold in India. It follows the international gold price converted to rupees, plus Indian duties, minus fund costs.
What it means for investors. Gold has often moved differently from equities and has sometimes risen when stock markets fell. A weaker rupee lifts the rupee price of gold. It pays no dividend or interest.
Tracks the domestic price of gold in rupees (physical gold held by the ETF), after fund costs.
Returns over time
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Gold (domestic, ₹) | 25.6% | 35.9% | 25.2% | 15.6% | 11.2% | n/a | −30% | 1 Oct 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
AMFI NAV history (daily NAV file; earlier history via mfapi.in, which republishes AMFI NAVs), stored and cleaned by MFIC. Proxy: UTI Gold Exchange Traded Fund (total return after fund costs (proxy)). Data 13 Apr 2007 to 1 Oct 2026. Latest level: India Bullion and Jewellers Association, excluding GST and making charges. Returns use the fund NAV history, which includes dividends.
Calendar-year returns
| Year | Return |
|---|---|
| 2026 to 1 Oct | 11.7% |
| 2025 | 71.5% |
| 2024 | 19.6% |
| 2023 | 13.5% |
| 2022 | 13.8% |
| 2021 | −5.1% |
| 2020 | 26.0% |
| 2019 | 22.8% |
| 2018 | 7.2% |
| 2017 | 3.1% |
| 2016 | 10.8% |
| 2015 | −8.2% |
Over 18 complete calendar years since 2008, Gold (domestic, ₹) rose in 15. Best: 2025 (+71.5%). Worst: 2013 (−14.1%).
Year-end to year-end, from AMFI NAV history (daily NAV file; earlier history via mfapi.in, which republishes AMFI NAVs), stored and cleaned by MFIC.
Falls from peak and recovery
| Peak | Bottom | Fall | Months down | Back to peak | Months to recover | Events in the fall |
|---|---|---|---|---|---|---|
| Jan 2026 | Mar 2026 | −21.2% | 2 | not yet | — | — |
| Aug 2020 | Mar 2021 | −21.5% | 7 | Jan 2023 | 22 | First COVID-19 vaccine results; Union Budget 2021 |
| Mar 2020 | Mar 2020 | −11.5% | <1 | Apr 2020 | 1 | COVID-19 declared a pandemic |
| Aug 2013 | Jul 2015 | −29.8% | 23 | Aug 2019 | 48 | Rupee record low (2013); General election results 2014 |
| Nov 2012 | Jun 2013 | −23.2% | 7 | Aug 2013 | 2 | Taper tantrum |
| Dec 2009 | Feb 2010 | −13.0% | 2 | May 2010 | 3 | — |
| Feb 2009 | Apr 2009 | −12.2% | 2 | Nov 2009 | 7 | — |
| Oct 2008 | Oct 2008 | −22.5% | <1 | Jan 2009 | 3 | RBI cuts repo rate (GFC) |
| Jul 2008 | Sep 2008 | −20.3% | 2 | Oct 2008 | 1 | — |
| Mar 2008 | May 2008 | −17.0% | 2 | Jul 2008 | 2 | — |
Each fall of 10% or more from a previous high, measured on daily data. The 10 deepest are shown. “Back to peak” is the first date it regained the previous high.
Rolling returns: the range of outcomes
| Holding period | Periods | Median | Worst | Best | Middle half | Positive |
|---|---|---|---|---|---|---|
| 1 year | 223 | 14.0% | −16.8% | 96.7% | 1.5% to 26.8% | 78% |
| 3 years | 199 | 11.7% | −8.4% | 41.1% | 3.4% to 20.4% | 88% |
| 5 years | 175 | 11.1% | −2.7% | 27.2% | 5.5% to 13.9% | 89% |
| 10 years | 115 | 8.2% | 3.7% | 18.6% | 6.7% to 10.4% | 100% |
Every holding period starting at a month-end in the history (overlapping). Annualised for periods over a year.
How it has moved with other assets
| Compared with | Correlation | Months |
|---|---|---|
| Nifty 50 | −0.11 | 233 |
| Silver (domestic, ₹) | 0.76 | 56 |
| 10-year G-Sec (bond fund) | 0.01 | 233 |
| USD/INR | 0.17 | 233 |
| S&P 500 (in ₹) | 0.12 | 77 |
Correlation of monthly returns over the months both series have: +1 moves together, 0 unrelated, −1 opposite. Relationships change over time.
Gold and the Nifty 50, year by year
show table
| Year | Gold (₹) | Nifty 50 |
|---|---|---|
| 2026 to 1 Oct | 11.7% | −13.6% |
| 2025 | 71.5% | 11.6% |
| 2024 | 19.6% | 9.6% |
| 2023 | 13.5% | 20.9% |
| 2022 | 13.8% | 5.3% |
| 2021 | −5.1% | 25.2% |
| 2020 | 26.0% | 15.5% |
| 2019 | 22.8% | 13.2% |
| 2018 | 7.2% | 4.3% |
| 2017 | 3.1% | 29.7% |
| 2016 | 10.8% | 4.0% |
| 2015 | −8.2% | −3.3% |
| 2014 | 0.9% | 31.8% |
| 2013 | −14.1% | 6.9% |
| 2012 | 10.9% | 28.3% |
| 2011 | 30.9% | −24.8% |
| 2010 | 21.7% | 17.7% |
| 2009 | 22.4% | 73.8% |
| 2008 | 25.6% | −52.0% |
| 2007 part year | 13.0% | 53.6% |
Gold ETF and Nifty 50 index-fund NAVs (AMFI).
Questions
- What has Gold (domestic, ₹) returned over the long run?
- Calculated from UTI Gold Exchange Traded Fund, Gold (domestic, ₹) returned 15.6% a year over the 10 years to 1 Oct 2026, and 35.9% a year over 3 years. Past returns do not indicate future returns.
- What was the biggest fall in Gold (domestic, ₹)?
- In the data available from Apr 2007, the largest fall from a previous peak was −29.8%, from Aug 2013 to Jul 2015, and it regained the peak in Aug 2019 (48 months after the bottom). There were 10 falls of 10% or more, 6 of them 20% or more.
- How often has Gold (domestic, ₹) been positive over one year?
- Across 223 one-year periods starting at month-ends, 78% were positive; the range was −16.8% to 96.7%. Over five-year periods (175), 89% were positive, with annualised returns from −2.7% to 27.2%.
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