Gold has a deep rooted significance in Indian history, alluring people from different parts of the world with its beauty and charm. Its golden glow was visible across seas and borders, evoking emotions from millions of hearts. Over the years India’s infatuation with gold has grown stronger and stronger, with Indians accounting for most of the gold consumed globally. Gold, in Indian history is more than an investment, it is a culturally significant metal which has found a place in Indian hearts and homes alike.
It is true that a vast majority of the Indian population survives on meagre resources, but despite this they find ways to buy gold and make it an integral part of their lives, irrespective of gold rates in their city/town. Gold has takers across the length and breadth of our nation, right from Delhi to Chennai and Ahmedabad to Kolkata. There are a few reasons which have propelled gold to a pedestal in India, a spot which it is likely to hold on to for a long time.
- Religious Connotations – Gold is an integral part of religious ceremonies in India, regardless of religion. Be it Hinduism, Sikhism, Jainism or Christianity, gold is a prominent asset across all major religions in the country. Rising gold rates do not deter devotees from donating extravagant gold ornaments to temple funds, a prime example being the Tirumala Temple in Andhra Pradesh, which witnesses donations to the tune of tonnes on a yearly basis, regardless of gold rates in Andhra Pradesh. It is common for people to purchase gold at different religious gatherings and for different occasions.
- Family heirloom – Gold is part of every Indian household and is considered a family heirloom by most Indians. Gold jewellery and ornaments are passed on from generation to generation, in a bid to keep family legacy alive. It is common for most households to pass on jewellery from a mother to a bride in weddings, irrespective of facts like change in design trends or value. Gold is an extremely sentimental part of certain traditions and continues to remain a cherished heirloom. Passing gold from one generation to another also helps people save money on gold, avoiding ever rising gold prices in India.
- Golden Gifts – Gifting gold is considered auspicious in India, with gold gifts forming an integral part of all ceremonies. Gifting gold enables recipients to use it fruitfully, as it is not only a key source of money but is also considered lucky. It is common to gift gold during weddings, which can see brides bringing in huge quantities of gold to their new homes, which is considered auspicious. A gift of gold is perhaps the highest form of gifting in the country, showcasing the value of an individual and purity of intent. Gifts of gold are common for birthdays and child births even in smaller towns.
- Status Symbol – There is no bigger status symbol than gold in India, and Indians are not shy to flaunt it. In a social setting with billions of people, gold is one element which can help people stand out, literally shine in the crowd. Politicians, businessmen, actors, officials, all love to show their gold to the world, giving them new highs. Gold has been a status symbol in India since ages, right from the time of kings and queens to the British and independent India has imbibed this into its blood. The more gold one has the more power he/she has, an indication of their ability to purchase gold in spite of rising gold rates.
- Investment – Gold has been considered the safest investment, a sentiment which Indians live by. It is this property of gold as a protector against bad times which have pushed Indians to buy it as investments. Owning gold is considered an extremely smart choice, and is reflected in the amount of gold Indians own. With gold prices fluctuating everyday it makes sense to invest in gold for a secure future.
Indians consider gold a super-metal, a super-metal which can provide a solution to multiple problems. Not everything that glitters might be gold, but for Indians gold is their knight in shining armour.
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