Every morning, whether you're interested in business news or not, your eyes definitely scan the gold rate, prompting the exclamation - 'Oh wow! Gold got expensive again?' Silver, too, seems relentless.
Indeed, the steep hike in gold and silver prices has stirred the middle-class. For children's weddings, savings, investments, passion for jewelry, or to showcase status, gold fulfills these desires. Ultimately, it provides middle-class families a taste of the elite lifestyle.
Recent years have seen shocking surges in gold prices, shaking buyers. Currently, gold is about 125,000 rupees per 10 grams (24 carat). Notably, upcoming festivals like Karva Chauth, Dhanteras, and Diwali are prime times for gold purchases, in tandem with the jewelry demand during the 'lagan' or wedding season.
Dhanteras Purchases in 2024
Despite high inflation, expectations of record-breaking gold sales during festive times are unsurprising. During Dhanteras 2024, around 25 tons of gold were sold, valued at nearly 200 billion rupees, while approximately 250 tons of silver also exchanged hands, valued at an estimated 25 billion rupees.
These reports highlight that despite dramatic price increases, the appetite for buying gold and silver remains undiminished, with people flocking to jewelers on special occasions.
Source: aajtak
Why the Everlasting Love for Gold?
Why does gold continue to garner such respect? Even over diamonds, emeralds, and platinum, many prefer gold or silver for jewelry and savings-investments.
The emotional bond with gold is heavily rooted in spirituality. Considered the purest metal in ancient traditions, it's believed to maintain the wearer's purity. Its presence signifies the benevolence of Goddess Lakshmi in your life, as narrated in ancient texts, where gold in its purest form is attributed to divine grace.
The Vedic Importance of Gold
To understand gold's relevance, refer to ancient eras where its mention in Rigveda exists. In its hymns, the word 'Hiranya' for gold also metaphorically defines the sun, illustrating the intertwined spiritual and materialistic significance of gold within Indian culture.
Gold is termed "Hiranyagarbha," or "Golden Womb," in Rigveda's 10th Mandala, with the sun symbolizing life's source and support. Other references regard the brilliance of fire, Indra, and Marutas as "Hiranya."
Yajurveda emphasizes gold's importance in rituals, associating it with purity and radiance, while Atharvaveda views it as a means for health, longevity, and cure.
Sama Veda, dedicated to divine hymns, poetically parallels the purity of deities to that of gold, reinforcing spiritual divinity.
Timeless Narratives and Philosophies
Gold's role is widely acclaimed in mythology, moral texts like Nitisataka, Manusmriti, and Panchatantra. A notable quote in Nitisataka praises gold's intrinsic virtues irrespective of its lowly positioning, paralleling the acceptance of righteous individuals from humble origins.
From Indian subcontinent creation myths to its discovery during ocean churning with Goddess Lakshmi, gold's legendary ties highlight its celestial grandeur.
Source: aajtak
The Legend of King Parikshit
The Mahabharata narrates King Parikshit's reign where he inadvertently allows Kaliyuga to infiltrate through his golden crown, marking it as a symbol of greed despite its divine aura.
The Burden of Indra's Sins
Following Indra's deceit, his sins are distributed among women, rivers, trees, and gold as greed, imparting complexity to the symbolism of gold.
Nevertheless, gold's divinity remains unscathed. Its golden touch imbues purity and luck, acknowledged as 'Stree Dhan' or women’s wealth in traditional households, underscoring its socioeconomic role.
Globally, India stands as a major importer and consumer of gold. In 2023, India ranked second only to China, importing 747.5 tons. Experts explain retaining gold as a hedge against inflation, evident during 2022's global economic strains rewarding solid returns.
Gold as a Substantial Asset
In 2022, gold proved to be a substantial asset with 11.8% returns in India, surpassing real estate, equities, and fixed income, depicted in Funds India Wealth Conversations' March 2024 report.
Source: aajtak
The Everlasting Trust in Gold
Gold holds its ground as a dependable asset during pandemics, wars, or political crises, securing returns above other asset classes, including a solid 27.6% during the 2020 COVID-19 upheaval.
Savings for children's weddings often consider gold essential, deemed integral to ‘Big Fat Indian Weddings.’ As a crucial portfolio component, gold withstands fluctuations in other asset classes, setting a stable benchmark cherished by Indians.
