Gold plays an important role!
Gold plays an important role in shaping the economic growth of the country. It has been given the most important than all the metals out there. In the last decade, India and middle east have seen a tremendous increase in the number of gold jewelry shops. Their sales are making records year on year and there is no stopping them. It becomes extremely crucial to understand the buying pattern of users which can help us determine the factors for the growth of this particular super metal called gold. Unlike other products, shopping for gold will consume a lot of time. It is not because of the cost but because of the perception. People try to pick jewelry which makes them look good.
In fact, it is very much like cosmetic and costume shopping which is done for the physical outlook but gold has one more intent associated with it and it is called pride. I have seen a lot of people buy gold for pride. It has neckline customary for the parents who are beating a girl child to accumulate and save as much as gold possible and the entire family’s pride will be shown in the form of gold on her wedding. However, we need to know that pure gold is not used in the making of jewelry as it is very difficult to mold shapes out of the metal in its purest form and that is how gold ring designs are made. So, there is a percentage of copper mixed with the metal and then this copper mixed gold becomes 22 karat gold. Karat is the metric measurement of the purity of gold like we have liters for liquid. The purest form of gold is available only in the form of gold biscuits. There are certain rules and regulation for the procession of gold biscuits. You might find yourself in trouble if you do not follow these regulations. In the past few years, the state and the central government has been urging people to keep their gold in banks. This is because the gold in the bank will increase the value of the currency in the international market as a country’s currency value is determined on the amount of gold a country possesses.
People are going crazy in think why should I give my hard earned gold to the bank. If you take a closer look, most of the black money is converted in the form of gold hence it is in demand for these type of activities as well. Nothing becomes important like an accumulation of wealth and hence in India, directly or indirectly the accumulation of gold shows how rich you are. Gold is also an important asset to invest in as the value only keeps increasing as the demand is also on a high. In the 90s, 8 grams of gold was sold at 800 INR and right now in 2018, 8 grams of gold is somewhere around 24k INR If you are buying a pair of gold bangles then that is the amount of money you should be having. Doesn’t this seem to be one hell of an investment for people who are looking to multiply their wealth? Gold is also available in commodity tradings as you can buy and sell gold through commodities moderated by the government of India. As the perception around the metal is highly positive and it is also valued at the top, it will continue to grow at a better rate and there is a clear luxurious future for it.