India is among one of the growing economies in the world, its growing fast as every day passes and now India is one of the top gold consumers in the world, Indian peoples love towards the precious metal make India one of the largest consumer.
India and gold have many relations, people believe in gold in many ways whether it’s for financial security, financial statement, gift, donation and the most important is Indian weddings.
weddings in India is responsible for the huge demand for gold and the second big reason for India’s gold demand is Indian festivals like Dhanteras etc. so in many ways, India is one of the best markets for gold too. Indian culture and traditional attachment to the metal which dates back to over 2000 years.
And that love towards gold is still the same since last 10 festivals of Dhanteras if we talk about the year 2009 at that time rate of 22 kart gold per 10 gram was 15,762 in 2010 it’s 19,704, in 2011 it’s 26,691, in 2012 it’s 31,640, in 2013 it’s 29,847, in 2014 it’s 27,558, in 2015 it’s 25,648, in 2016 its 29,932, in 2017 it’s 29,635, in 2018 it’s 31,762 and after the time of 10 years it’s on the last Dhanteras was 31762 but it doesn’t affect the demand for yellow metal in Indian markets.
in the given chart, we have given the rates at the time of both political parties. you can calculate the overall inflation during the 5 years of each political parties and will find that the inflation at the time off congress is approx 200% and at the time of BJP the inflation is approx 123%. but the gold rates also depend on many other conditions so can’t blame any parties for the hike.
The demand and the love for the yellow metal in India are still is same that proves that whatever will be the price of gold India’s love for gold will never change.