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Gold is the fundamental pillar of the international monetary system, as a generator of currency, is very essential in the reserves of a developed nation. It has been seen that since three thousand B.C., gold turned into an acknowledged representation of prosperity, wealth, and power to many kings, and princes all over the world. An additional thing that is very striking about gold is the fact that it is so durable.

The strong rise of in the value of the Rupee and rising consumer spending have raised the gold demand in India by as much as seventy two per cent in the first half of the year. A report from the World Gold Council says that the demand for gold in India reached an all-time high of three hundred, and seventeen tons in the second quarter of 2007. Traders predict that if the current demand continues, the full-year consumption of India can rise by as much as thirty per cent per year to nine hundred tones.

When compared to the entire country, a big fall at hundred kilograms per day from one tonne in August, in gold demand in Mumbai (India) has been observed, because of increased prices, and less interest in buying. Price sensitivity of the Indian market is a well-known factor. When prices come down to a level of Rupees 12, 200 per 10 grams, demand will increase. There has been an impact on import due to the decrease in demand.

Gold jewellers in India are providing discounts in order to attract buyers since sales decreased despite upcoming Hindu festivals in the biggest consumer of bullion in India.

The love of gold of Indians is well known, and gold has been a demand-high commodity throughout the eras. The fact that the Hindu god Brahma is referred to as Hiranyagarbha, which means born of gold, as he is said to be born from the cosmic gold egg, is also worth noting. The gods and goddesses according to Hindu mythology are regarded as possessing a golden outlook.

Some days such as Dhanteras, and occasions like Dassera, in Hindu calendars are referred to as lucky if gold is bought in on those particular days. Hindus buy gold in bulks on religious festivals such as Onam, Pongal, Navratri, and Durga puja.

Gold is also a symbolic representation of the Hindu Goddess Lakshmi, and is considered highly auspicious. Gold is bought and is presented on festivals like Dhanteras and Akshaya Tritiya. There is a popular saying that there are more festivals in India than days in a year! Indians celebrate a number of religious festivals each year, in which buying, and gifting gold is taken as a ritual. There are some principal festivals of Hindus that are celebrated all over the country with equal favour as Diwali, Raksha Bandhan, Ganesh Chaturthi, and Holi.

The importance of gold can be understood by the saying; ‘all that glitters is not gold’. Gold is bought throughout the year in India. People also offer it to idols in temples. People also tend to loot numerous temples, as they are rich in precious gold jewellery. Cases of idol theft have also been reported many times, because these idols were composed of gold. Gold has a lot of value, since it can be passed down from one generation to another as ancestral property.

Jack Wagon is a gold investment consultant. You can take his help to buy gold bullion. For more information about buying gold you can visit his recommended site at http://www.goldmadesimple.com/

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