Record Gold Prices and the Festival of Lights

We have been talking about Diwali, the “Festival of Lights” that started on November 5 this year in India and many other countries.  Diwali is the major festival of the year in India, similar to the Christmas season in the Western world.  Gold is traditionally given during Diwali, and this year has been no exception.

The Financial Times noted that even with record high gold prices—gold broke through the $1,400 level just yesterday—the gold markets in Mumbai were full of crowds ready to buy gold jewelry.  In fact, analysts at Credit Suisse estimate that Indian gold purchases this year have been 20-25 percent higher than last year.

In addition to being good for the gold market, Diwali is also a time of beauty and celebration.  People from all walks of life partake in the lighting of lamps, setting fireworks and dancing. Take a look at thisslideshow of images from this year’s festival.

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