India's love affair with gold – 13 Nov 09

Channel Avatar
Comment
X
Share
India's love affair with gold - 13 Nov 09
India's love affair with gold – 13 Nov 09
Subscribe to our channel http://bit.ly/AJSubscribe

The surge in the price of gold has done little to dent India's appetite for the precious metal or dull its luster in their eyes.

India is the world's largest private consumer of gold, accounting for about 20 percent of global demand.

India's cultural affinity for gold is legendary.

Indian brides are traditionally adorned with heavy gold jewelry, considered a symbol of wealth, prosperity and also security.

It is estimated that two-thirds of gold consumption is linked to Indian weddings.
With around 10 million weddings per year in this country of 1.1 billion people, wedding-related demand is enormous, especially during the wedding season between October and January, April and May.

But this wedding season, the price of gold is at an all-time high, forcing many people to cut back on purchases.

The rise in the price of gold reflects the loss of confidence in foreign currencies, particularly the strength of the US dollar.

However, prices were boosted by India's purchase of 200 tonnes of gold from the International Monetary Fund (IMF).

Al Jazeera's Prerna Suri reports from New Delhi on the impact of price volatility on India's long-standing love of gold.

At Al Jazeera English, we focus on the people and events that affect people's lives. We shine a light on topics that are often underestimated, listening to all sides of the story and giving a “voice to the voiceless.”
Reaching more than 270 million households in more than 140 countries around the world, our viewers trust Al Jazeera English to keep them informed, inspired and entertained.
Our unbiased, fact-based reporting earns praise and respect around the world. It’s our unique brand of journalism that the world relies on.
We are reshaping global media and constantly working to strengthen our reputation as one of the world's most respected news and current affairs channels.

Links to social networks:

Facebook: https://www.facebook.com/aljazeera
Instagram: https://instagram.com/aljazeera/?ref…
Twitter: https://twitter.com/ajenglish
Website: http://www.aljazeera.com/
google: https://plus.google.com/aljazeera/posts

Please take the opportunity to connect and share this video with your friends and family if you find it useful.

Read Also

Leave a Reply

Your email address will not be published. Required fields are marked *