The current market state of India in gold dealings
Every Indian is keeping their legs on the brake while shopping for gold as the prices are rising rapidly. The only good news which makes all the gold buyers happy is, the number of available options they have in their hands for the alternative of gold.
The population of the country which had a quarter of the gold on this planet is finding challenging to buy ten grams of gold due to the increase in prices. Just ten years, the Indian gold market was at the peak of its height which made many gold dealers huge profits and helped the country to gather a quarter of the metal on this planet.
The current gold market trend in the purchase
The short term price fluctuation has made a significant impact on the gold market in Mumbai. The increase in the prices of the gold has kept buyers to keep their money into their pockets for time. The market price of ten grams of gold is 38,200, which cannot compile in the budget of the Indian gold buyers.
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Who are the prominent buyers of the gold in the country?
The two-thirds of the country’s gold can be found in rural areas. The rural regions save their money in gold and love to purchase plain designs which they can sell later to cover any financial losses. Some of the interior villages of the country still follow dowry culture where a girl has to take lots of money and gold to her groom’s home. The brides are tortured and put to death by beating if they don’t bring any jewellery from their home.
Another problem is a vast number of people are travelling from rural areas to cities, and hence all such traditions and collections of gold are slowly decreasing. Therefore people are not affected deeply by the fluctuations of the prices.
The alternatives of the gold are shining in the market
The other options of gold like artificial jewellery has become one of the popular choices among the festivals and carnivals. Also keeping gold in houses is a threat and risk for getting it stolen. The Indian government is helping farmers to save their money inside the banks and earn interest, and also the Indian government can maintain liquidity in the banks.