Relevance of Gold in India
Deriving its chemical name from the Latin word Aurum, gold’s etymology actually came from the term “shining dawn” as hinted from Proto-Indo-European texts. In India, the country with the second largest population in the world and an incomparable diversity in culture, gold occupies a prominent position not only because of its preciousness but also due to its historical and mythological associations. With over a billion people thriving among more than 5 million families, most have strong cultural roots and consequently deep familial ties. Almost every second family in India will take pride in the fact about how much gold actually runs through its members’ possessions. It often piques the interest of many as to why gold is considered so important even though its rates seem to soar every now and then, especially during the wedding season that lasts for the major part of the last quarter of any year.
The Golden Catalyst – Weddings
But then, weddings are probably the single most important occasion wherein gold buying tops the charts in India. Be it in jewellery for the bride and the groom, ornaments for the close relatives, embossed coins as gifts for the elders of the family or memorabilia in forms of idols of gods and goddesses and other nifty items. Gifting or buying gold just comes as an excuse during the time of weddings. Gold rates definitely increase during the wedding season, but compared to the time before the 90s when stock markets weren’t as open to foreign direct investments, rate fluctuations are not that rampant in India now. Gold rate in India rises as per the demand at the time but global rates keep the numbers from going haywire.
Gold Investment in Today’s Date
Interestingly enough, the buying of gold is primarily associated with auspiciousness in many cultures and religions prevalent in India. In addition to that, cleverly crafted jewellery and ever changing designs of ornaments become another reason to invest in the yellow metal. Jewellers across the nation offer discounts and sometimes waive off making charges on ornaments during the wedding season. Even though gold rates shoot up to a yearly high during the wedding season, it doesn’t discourage people from the ingrained habit of buying gold and gifting jewellery of the precious metal during weddings. India has a history of illustrious kings, conquests and foreign rule that has spanned many hundred years. All through that time, gold has time and again been the insignia of power and prosperity and the trend continues till date. Even if it’s not the most precious of metals, gold in India occupies a position of distinction and people possessing any significant amount of the metal are considered privileged. Yet another reason why gold is considered a great gift at the time of weddings. Irrespective of which state or region people come from, investing in gold during weddings is considered the status quo.
Gold Rates - Drop and Rise
Gold rates have seen a steady drop since the past couple of years and there has been a drop in the first and second quarter of 2015 itself. But the rates for both the 22k and 24k variants of gold are stabilizing already. The season of betrothals is drawing closer and it is advisable to get an investment in gold soon, before the rates climb up a few notches higher.
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