Gold has been one of the most sought after commodity across the globe since ages. And India is the largest importer and consumer of gold in the world. So it's not surprising that we follow the prices and ups and downs of gold very closely. What makes gold so hot and attractive?
It is interesting to note that India's gold consumption is between 700-800 tonnes a year, which is 25 per cent of world consumption. In the last 8 years it has wavered from $272 in 2000 to 833.20 in 2007 to a high of $904.80 in the beginning of 2008.
Today, gold is priced at $717.10 per ounce.
Gold is measured in troy ounces and the price of gold is stated in terms of the cost of one ounce. One ounce is equivalent to 31.1 grams In 1907, gold was priced at Rs 1.40 per 10 grams, whereas today it is at Rs 11,850 per 10 grams.
In October 2008, gold rose to an all-time high as rupee depreciating to lifetime low due to the crisis in the global financial markets.
In India, gold breached all previous records to hit the high of Rs 14,320 per 10 gm in October 2008.
