(a) whether there has been a steep hike in the prices of gold in the
country during the last two years as compared to previous years;
(b) if so, the reasons therefor; and
(c) the measures being taken by the Government to bring down the gold prices.
(a) whether there has been a steep hike in the prices of gold in the
country during the last two years as compared to previous years;
(b) if so, the reasons therefor; and
(c) the measures being taken by the Government to bring down the gold prices.
MINISTER OF STATE IN THE MINISTRY OF FINANCE & COMPANY AFFAIRS SHRI ANANDRAO V. ADSUL)
(a): The changes in gold prices are as follows:
Bombay London(b) and (c) : As seen in the data above, the price of gold in India is substantially determined by world gold prices, and by fluctuations in the exchange rate between the Indian rupee and the Great Britain pound.
Percent Percent Date Rs./tola change GBP/oz change
30/9/1999 4150 264.7 30/9/2000 4535 +9.3 273.7 +3.4 30/9/2001 4750 +4.7 283.4 +3.5 30/9/2002 5325 +12.1 319.1 +12.6