Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

MUMBAI GOLD PRICES
INDICATIVE DIFFERENCE BETWEEN MUMBAI AND LONDON GOLD PRICES
ANNUAL 1970 – 2001
YEAR MUMBAI LONDON OFFICIAL LONDON MUMBAI DIFFERENTIAL
EXCHANGE AT OFFICIAL EXCHANGE
RATES
Rs per 10 g US$ per oz Rs per US$ Rs per 10 g Rs % + or -
1970 - 1989 End March March Annual
1970 184 35.09 7.50 84 100 + 119
1971 193 38.87 7.49 93 100 + 108
1972 203 48.31 7.59 117 86 + 74
1973 278 84.24 7.74 209 69 + 33
1974 506 168.36 8.10 436 70 + 16
1975 540 178.18 8.38 478 62 + 13
1976 532 132.63 8.96 380 152 + 29
1977 573 148.28 8.74 415 158 + 38
1978 665 183.72 8.19 481 184 + 38
1979 937 242.20 8.13 630 307 + 48
1980 1,330 553.93 7.86 1,393 - 63 - 5
1981 1,700 499.23 8.66 1,383 317 + 23
1982 1,645 333.33 9.46 1,009 636 + 63
1983 1,800 420.20 10.10 1,358 442 + 33
1984 1,975 394.50 11.36 1,434 541 + 38
1985 2,130 303.57 12.37 1,201 929 + 77
1986 2,140 345.90 12.61 1,395 745 + 54
1987 2,570 408.88 12.96 1,695 875 + 52
1988 3,130 443.55 13.92 1,975 1,155 + 58
1989 3,140 390.15 16.23 2,026 1,114 + 55
1990 - 2001 Annual Annual Annual Rs per 10 g Rs % + or -
1990 3,399 383 17.61 2,173 1,226 + 56
1991 4,044 362 22.95 2,669 1,375 + 53
1992 4,255 344 29.50 3,250 1,005 + 31
1993 4,384 361 31.56 3,658 726 + 20
1994 4,652 384 31.50 3,889 763 + 20
1995 4,798 384 32.47 4,006 792 + 20
1996 5,191 388 35.39 4,415 776 + 18
1997 4,556 331 36.33 3,852 704 + 18
1998 4,182 294 41.27 3,901 281 + 7
1999 4,333 279 43.14 3,868 465 + 12
2000 4,520 279 44.94 4,029 491 + 12
2001 4,462 271 47.19 4,111 351 + 9
From 1970 until February 1992, when all gold imports for the domestic market were unofficial, the Mumbai
price averaged 49% above the London price.
The Mumbai premium fell to around 20% between 1993-97, when NRI’s accounted for the bulk of imports. It has since
ranged between 7 - 9%, after authorised banks started to import gold in November 1997.
AN INTRODUCTION TO THE INDIAN GOLD MARKET 149