A good wedding season and European debt worries are pushing up gold prices in India, reports the Business Standard:
Gold today rallied to an all-time high of Rs 29,540 per 10 grams in the bullion market here by adding Rs 240 on the back of marriage season demand amid a firming global trend.
In the world's second-most populous country, the Indian wedding season runs from October to November. At its height, there can be up to 15,000 weddings each night in the City of Dehli alone.
MINING.com reported yesterday based on new research by investment bank Macquarie titled India’s Fatal Attraction, the FT asks if India’s weddings are destroying its economy given the huge importance of gold in the culture – especially between October and January, when festival season turns into wedding season and some 20 million Indians tie the knot. Read more on India's love affair with gold.
MINING.com reported earlier today that the situation in Japan seems to be the opposite of that in India: Gold shipments from Japan, the world’s third-largest economy, are at the highest level since at least 1985 as individuals who purchased jewelry more than 20 years ago are selling it amid record prices. Bloomberg reports shipments in the 10 months ended October totaled 95.6 metric tons. The previous high was 95.5 tons in 2008. Read more on how the Japanese are selling the family jewels.