Are Gold Returns Different in US Dollar vs Indian Rupee?

Gold can give different returns depending on the currency you invest in, even though it’s the same metal. Over the last decade, Indian investors have seen much higher gold returns in rupee terms than those who held gold in US dollars. This happens because, as the rupee falls in value against the dollar, the local price of gold rises, boosting returns for Indian buyers.

Other factors, like changes in India’s import duties and taxes on gold, also play a role. So, where you live and which currency you use can make a big difference in your gold profits—often even more than the global gold price itself.