| Gold is the fundamental pillar of the international | | | | throughout the eras. It may also be noted that the |
| monetary system as a generator of currency, is very | | | | Hindu god Brahma is referred to as Hiranyagarbha, |
| essential in the reserves of a developed nation. It has | | | | which means born of gold as he is said to be born |
| been seen that since three thousand B.C., gold turned | | | | from the cosmic egg of gold. The gods and |
| into an acknowledged representation of prosperity, | | | | goddesses in Hindu mythology are thought to be |
| wealth, and power to many kings, and princes all over | | | | having a golden outlook. |
| the world. An additional thing that is very striking about | | | | A few days in Hindu calendars are thought to be |
| gold is the fact that it is so durable. | | | | fortunate if gold is bought in those particular days. |
| The strong rise of in the value of the Rupee and rising | | | | These days are Dhanteras, and occasions like |
| consumer spending have raised the gold demand in | | | | Dassera. Hindus buy gold in large quantities on religious |
| India by as much as seventy two per cent in the first | | | | festivals like Onam, Pongal, Navratri, and Durga puja. |
| half of the year. A report from the World Gold Council | | | | Gold is also a symbolic representation of the Hindu |
| says that the demand for gold in India reached an | | | | Goddess Lakshmi and is considered highly auspicious. |
| all-time high of three hundred and seventeen tons in | | | | Gold is bought and presented on festivals like |
| the second quarter of 2007. Traders predict that if the | | | | Dhanteras and Akshaya Tritiya. There is a popular |
| current demand continues, the full-year consumption of | | | | saying that there are more festivals in India than days |
| India can rise by as much as thirty per cent per year | | | | in a year! Indians celebrate a number of religious |
| to nine hundred tones. | | | | festivals each year, in which buying and gifting gold is |
| As compared to the whole country, gold demand in | | | | taken as a ritual. There are some principal festivals of |
| Mumbai (India) has witnessed a drastic fall at hundred | | | | Hindus that are celebrated all over the country with |
| kilograms per day from one ton in August due to | | | | equal favour as Diwali, Raksha Bandhan, Ganesh |
| higher prices, and a lack of buying interest. Price | | | | Chaturthi, and Holi. |
| sensitivity of Indian market is widely known. Demand | | | | The importance of gold can be understood in the |
| will pick up only when prices come down to a level of | | | | saying; 'all that glitters is not gold'. India is a country |
| Rupees 12, 200 per 10 grams. Import has been | | | | where people buy gold throughout the year. These |
| affected due to the decrease in demand. | | | | people also offer gold to their idols in temples. Various |
| Gold jewelers in India are offering discounts to attract | | | | temples are also looted, as they are abundant in |
| buyers as sales slowed to a trickle despite | | | | precious gold jeweleries. Cases of idol theft have also |
| approaching Hindu festivals in the largest consumer of | | | | been reported several times because these idols were |
| bullion in India. | | | | made up of gold. Gold has great value, as it is |
| Indians are famous for their love of gold. Along with | | | | something, which can be passed down from one |
| the affirmative nature of this fact, it cannot also be | | | | generation to the other as ancestral property. |
| denied that gold has been a demand-high commodity | | | | |