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Soaring Gold Rates: Indian husbands in awe!

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Soaring Gold Rates: Indian husbands in awe!

In an average Indian household, the husbands are delighted right now. Indian ladies obsession with glitters of Gold is unmatched. Those brighten up eyes, their excitement at the jewellery store narrates their love towards the fanciful ornaments.

Thankful to all the heated arguments they had with them over time, splurged shopping & the unreasonable demands of the Gold ornaments their wife had, they are now richer by 60% of their Gold values since corona put a hold on the way about of life.

The precious yellow metal has become the apple of the investor’s eye when the global market looks unstable, and the future looks bleak for the equity market.

In the longest streak of weekly gain this decade, the Gold prices are soaring high due to the worsening pandemic. Gold rates as on 10th August has become 54,000 per 10 grams, which is almost the double of the prices before covid-19.

Various instances have proved gold values, and its liquidity is irreplaceable. It has always been the most bankable investment, and probably the reason why our ancestors made it a symbol of prosperity in Indian Marriages.

They invariably have believed the importance of Gold and made it a tradition to shower the bride with the precious metal, which time and again have proved to be a lifesaver in a troubled time.

Talking to Mr Srinivas, a resident in the capital city of Bihar who was at a jewellery store to sell some of his wife’s ornaments, said, “These were given by her father, had it been not here, with those house rents and job loss, I don’t know what I would have done”.

To control the economic impact of Covid-19, RBI has decided to increase the permissible loan against Gold ornaments from 75% to 90% for all non-agricultural needs which will benefit the micro, small and medium enterprises (MSME), the most. The relaxation will be applicable till 31st March 2021.

On the other hand, despite the upcoming wedding season across India, the jewellery industry has taken a hit, they are facing the lowest demand in history due to covid-19. The commodity market is seeing an active engagement of the retail investors.

Still, the regular need for ornaments has been continuously negated by the frequent buyer owing to the psychotic Gold rates. Market analysts have predicted the gold prices can be sky-rocketing yet if the pandemic will remain unchecked, both domestic and international gold prices will see new highs.

But at the end of the day, Gold glitter remains unmatched. Every Indian woman knew it ever since. It’s been said Indian lockers have over 11% of all Gold known to the world. The long-standing values through the pandemic justified the trust major investors put into Gold when the global market fails.

American financier and banker J.P. Morgan rightly once said, “Gold & Silver are money. Everything else is credit”. 

– Written by Tushant Baranwal 

Image Source: India TV

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