5 Big Reasons Why Indians Are One Of The Top Gold Buyers
Gold has deep-rooted cultural and traditional significance in Indian history. India's infatuation with gold has grown significantly over the past few decades. Indians consume roughly 700 tonnes or about 33% of the world's gold. It also makes India the largest importer of gold.
There is no doubt that a vast majority of the Indian population survives on meagre resources, but despite it, Indians find ways to buy gold and make it an integral part of their lives. Furthermore, with the advent of the internet, there are more online gold buyers now than a decade ago.
The gold rate also differs from city to city in India. For instance, today's gold price in Delhi is not the same as the gold rate in Mumbai. Despite the price differences, online gold buyers are spread across the length and breadth of the nation.
Why do Indians love gold so much?
The fundamental reasons for Indians to buy gold can be attributed to their culture, especially at weddings. There have been many changes in Indian culture, but the tradition of purchasing gold on the occasion of weddings has not changed a bit.
Although we hardly pay heed to the inflation angle of gold, we very well know that it is a great way to preserve wealth. Indians also preserve gold to meet financial needs in times of contingencies. We find it a safe and convenient way of investment to tackle inflation.
We have prepared a few points to help you understand why gold has been propelled to a pedestal in India, a spot that will hold on for a long time.
- Religious Angle
Gold is an essential part of religious ceremonies in India. Whether Hinduism, Sikhism, Jainism, or Christianity, gold is a valuable asset for all major religions in India. You can also observe gold idols in Indian temples.
The exciting part is that the rising gold rates do not stop devotees from donating gold ornaments to temple funds. For instance, the Tirumala Temple in Andra Pradesh witnesses tonnes of gold donations every year, irrespective of the gold price in Delhi or the gold price today in coimbatore. So, it is very common for people to purchase gold jewellery for religious events.
Almost every household in India possess gold jewellery, and it is considered a family heirloom by most Indians. In Indian culture, gold is passed from generation to keep the family legacy alive. For example, it is common among households to give jewellery from a mother to a bride at weddings.
There are sentiments attached to gold in certain traditions, and gold jewellery will remain a cherished heirloom for a long time, if not forever. Passing gold jewellery from one generation to another also helps people to save money on gold.
Gold is considered auspicious in Indian tradition, which makes it an integral part of ceremonies. Gifting gold at weddings is a common practice today. Recipients can better use the gold, as it is a crucial source of money and considered lucky.
Indians offer gold as gifts at weddings to express a form of love. Giving gold as a gift also showcases the value of an individual and the purity of intent.
Gold is considered a status symbol. It symbolizes wealth, and Indians are not shy to flaunt it. For instance, at a wedding, the gold jewellery brought by the bride shows her family's status and wealth.
Additionally, in large social settings, it enables people to stand out in the crowd. Therefore, you can see politicians, business people, actors, and officials wearing gold every day. Gold has been a status symbol in India for a long time, and the more gold you have, the more you have. It is simple!
-Better investment option
Another reason why Indians buy gold is that it is considered the safest investment option. It ensures protection against financial instability. You can purchase gold, store it, and sell it to meet financial requirements during a financial crisis.
It is considered an intelligent decision to own gold as the gold prices fluctuate every day. Indians invest in gold for a financially secure future.
Gold metal is considered a super-metal in India due to its deep-rooted significance in Indian culture and the value it holds, and its ability to provide solutions to many problems. Contact muthoot finance customer care for any query regarding selling gold.