With the on-going festive season, in spite of the soaring gold prices, Citadel notices that buyers have a mixed response when it comes to investing in the precious metal,while sellers are still hopeful of the rising market…
The enduring appeal of gold has survived at all times! An unprecedented rise in its rates is a situation many are encountering for the first time. Having touched the sky-high rates of ₹ 30,000 per 10gms, it is startling to find out that the citizens continue to be the loyal purchasers of this precious metal despite its prohibitive cost!
With Mahalaxmi Pujan, Dussehra and Diwali all falling in October, people are upholding their customs and investing in gold, no matter the increased investment.
Speaking of Diwali, Dhanteras, which is the first day of Diwali, is a day for celebrating wealth. Devotees light the first lamps of the festival of lights to welcome Lakshmi, the goddess of prosperity, to their houses to bless them with fortune for the year ahead, and as we celebrate, we Indians buy gold!
Today, India is one of the largest markets for gold jewellery, which has a complex and central role in the country’s culture. It is known that Indians’ love gold jewellery is an everlasting one and we are one of the largest markets in the world for gold, along with China and the USA. Rooted deeply in a diverse tapestry of cultural traditions, the aspiration to own and give gold in the form of jewellery transcends generations and national boundaries. The three largest markets for gold jewellery, China, India and the USA, each accord gold a unique cultural significance. Acquiring jewellery is connected to celebrations, relationships, self-expression and hopes for the future in these countries. These are markets that share a fundamental belief that gold is auspicious and an enduring store of value, making gold an ideal gift to mark festivals and weddings.
This story is from the October 2016 edition of Citadel.
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This story is from the October 2016 edition of Citadel.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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