Accordingly india is not only a land of festivals but also of weddings and there were 21 auspicious wedding days in the Hindu calendar during first quarter of 2019, three times more than in the year ago period, and the World Gold Council considers it a crucial factor that drove the demand for the yellow metal globally.
Furthermore the lure of the yellow metal is ancient, and going by demand trends it only seems to grow. Apparently many jewelers in metros reported far better footfalls on the auspicious Akshaya Tritiya festival on May 7, with some of them reporting 25% jump in sales. Meanwhile the investment market has evolved over the decades and dozens of new instruments of have been introduced, gold, however, perhaps remains the preferred one.
Riaz Thingna, director, Grant Thornton Advisory said "If you compare it with other investments such as fixed deposits or debentures, not necessarily real estate and stocks, gold has been safe. That is mainly because of high internal demand." Moreover Thingna noted that, unlike investment in properties, even small amounts can be invested in gold making it a preferred choice in rural india. Surendra Mehta, National Secretary, india Bullion and Jewelers Association (IBJA) said "In our country people have certain attachment with gold. They generally hold about 10-15% investment portfolio in gold”.
