The reason gold is so valued and loved is because it has been used to preserve wealth through many civilizations for as far as civilization has existed. Not only is it used to secure riches, it is also used to protect against war, theft, economic collapse and inflation. With so much talk about gold prices, it’s quite possible investors may see a pattern in gold prices but what about common consumers? Well, this blog post is to reason with rising gold prices around fall months.
Now one may ask, why do these prices actually jump starting September? The answer is simple; Indian weddings. Of course there are many economic factors but the Indian Wedding season, which runs from October to December, can usually be the culprit in these months. India happens to be one of the largest buyers of gold in the world. Their demands for gold usually exceed even 514 tonnes per year, that’s not to mention it is predicted to be on an even higher rise in 2018.
Traditionally, Indian gold is supposed to be about 22 karats, which is very close to bullion. Because Indian weddings consist of draping brides in entirely gold, the country alone accounts for nearly a third of the world’s gold demand and it’s the largest consumer of gold. As one can imagine, jewelers definitely make a great profit from this season. What does that mean for consumers; hiked prices. For those looking to have their weddings in a beautiful traditional Indian way, starting January is the perfect time to start doing gold shopping.