Editorial : Indians love Gold. Indians’ obsession with the yellow metal is as ancient as its culture. The  Yellow Metal mesmerizes no matter its price.

The Gold prices have soared to a record Rs 30,300 per 10 grams recently. Still, our jewellery shops are  always full with gold purchasers. Come what may, Indians love gold and an Indian wedding is incomplete without gold.

Though the downfall  of Indian currency is cited as a reason for the all of a sudden hike in gold prices, there is always the fear of an economic crisis once gain rocking the world. Reports indicate that investors and traders are dumping all their funds for gold purchase, thus helping gold prices reach a record level.

The recent increase in gold prices to Rs 30,300 is the highest in the last the months. There is no denying that the rising unemployment problem in the US and the financial crisis in Europe is having its impact on the global market. Gold prices has also seen a spurt by 4.24 per cent in the American market.

With speculations that gold prices would see a further spurt, there is a heavy rush for gold in the Indian market. Gold in the recent years has also emerged as a healthy as well as lucrative investment option with there being a steady rice in its price over the years. Gold ETFs too are growing in popularity in the recent times, with top companies coming up with attractive schemes.  According to Assocham, an apex trade association, the price of the yellow metal is set to cross $627.60 (Rs 35,000) per ten gram  by the end of the year.

India one of the fastest growing economies of the world is the largest consumer of gold and  accounts for 32% of the global gold market, and interestingly  half of that is  bought for or weddings. The metal is considered not only a means of wearable wealth, financial security and status, but is also sacred and is a must in every religious function. From birth to death, Gold is an inseparable part of Indian life.
 
 Indians consider gold more of an investment than an expense and it is this reason that has left them undeterred by the soaring prices of the yellow metal. India’s love for gold is almost a religion. Beyond being a symbol of wealth and status, gold is part of worship and culture – a tradition that goes back thousands of years.  For Indians, gold jewellery  is not just something that can be worn, it is a means of financial security.

Even good monsoons will have its impact on the gold industry. Good monsoons would mean good crops and that would mean more income at the hands of the majority farming community and this in turn will spur demand for gold.

All said and done, gold is inevitable for India and Indians. They simply love, revere, adore and worship the yellow metal.