India's love affair with gold - 13 Nov 09
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The surging price of gold has done little to dent India's appetite for the precious metal or dim its luster in their eyes.
India is the world's largest private gold consumer, accounting for about 20 per cent of global demand.
India's cultural affinity for gold is legendary.
Indian brides are traditionally bedecked in heavy gold jewellery - seen as a symbol of wealth, prosperity, and also security.
It is estimated that two-thirds of the gold consumption is related to Indian weddings
With around 10 million marriages a year in the country of 1.1 billion people, wedding-related demand is huge, especially during the nuptial season between October and January, April and May.
But this wedding season, gold prices are at an all-time high, forcing many people to cut back on their purchases.
The rise in the price of gold is a reflection of the loss of confidence in foreign currencies, especially the strength of the US dollar.
However, prices have been boosted by India purchasing 200 tonnes of gold from the International Monetary Fund (IMF).
Al Jazeera's Prerna Suri reports from New Delhi, on the impact volatile prices are having on India's long love of gold.
At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.'
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Видео India's love affair with gold - 13 Nov 09 канала Al Jazeera English
The surging price of gold has done little to dent India's appetite for the precious metal or dim its luster in their eyes.
India is the world's largest private gold consumer, accounting for about 20 per cent of global demand.
India's cultural affinity for gold is legendary.
Indian brides are traditionally bedecked in heavy gold jewellery - seen as a symbol of wealth, prosperity, and also security.
It is estimated that two-thirds of the gold consumption is related to Indian weddings
With around 10 million marriages a year in the country of 1.1 billion people, wedding-related demand is huge, especially during the nuptial season between October and January, April and May.
But this wedding season, gold prices are at an all-time high, forcing many people to cut back on their purchases.
The rise in the price of gold is a reflection of the loss of confidence in foreign currencies, especially the strength of the US dollar.
However, prices have been boosted by India purchasing 200 tonnes of gold from the International Monetary Fund (IMF).
Al Jazeera's Prerna Suri reports from New Delhi, on the impact volatile prices are having on India's long love of gold.
At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.'
Reaching more than 270 million households in over 140 countries across the globe, our viewers trust Al Jazeera English to keep them informed, inspired, and entertained.
Our impartial, fact-based reporting wins worldwide praise and respect. It is our unique brand of journalism that the world has come to rely 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.
Social Media links:
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
Видео India's love affair with gold - 13 Nov 09 канала Al Jazeera English
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