How much was the metal, how much was the rupee
Currency accounts for 20.3% of gold's cumulative logarithmic price change in rupees over the stated window.
Between 2017-01-01 and 2026-08-11, gold moved +279.2% measured in dollars and +432.5% measured in rupees. The difference is not the metal. Over the same window the rupee went from 67.95 to 95.42 to the dollar.
The rupee price equals the dollar price multiplied by USD/INR, so cumulative logarithmic price changes separate exactly. Of the cumulative logarithmic price change in rupees over this window, 79.7% is attributable to the metal and 20.3% to the currency; these are not shares of the simple percentage gain.
Put concretely: had the exchange rate stayed at 67.95, the same dollar move would read ₹95,437 per 10 g at the 11 August 2026 endpoint instead of ₹134,010 — a difference of ₹38,573 per 10 g attributable to the currency alone.
Three years when gold fell in dollars and still rose in rupees
The clearest demonstration sits in 2018, 2022 and 2026: in each of those years the metal was flat or lower in dollar terms while the rupee price still moved up. The currency, not the metal, accounted for the difference.
It cuts both ways. In 2017 the rupee strengthened, so a solid dollar year for the metal showed up smaller in India — the same mechanism running in reverse.
The deepest fall in the period, measured in rupees from any prior peak, was 24.0% on 2026-06-30.