More glitter in Gold after 32% gain in Samvat 2080, highest after 2011

Consequent to high gold prices, the domestic jewellery industry also faced many challenges during the recently concluded Samvat

Samvat 2080 was the best year for gold and silver, with the two precious metals delivering 32 per cent and 39 per cent, respectively, despite a 9 percentage point (900 bps) reduction in import duty, which led to a 9 per cent fall in domestic gold prices shortly after the announcement. These returns are the highest after Samvat 2067.

 

The previous notable year was 2011, corresponding to Samvat 2067, when gold returned 36 per cent and silver 40 per cent. The year 2011 was the time when gold prices surged above $2,000 per ounce, and silver prices peaked at $49