What is the role of gold in Indian culture
Why do Indians love gold? Why do they spend so much on it? Why are they averse to investing in other assets? Many theories are doing the rounds and every survey seems to add a new twist to the story. So if you like to spend money on gold and spend your days looking up today gold rate in Tirupati or Ahmedabad you should definitely read on to find out the things that lead to the high value of gold. In this article, we look at all the major reasons why Indians love gold.
- According to ancient Hinduism, gold is considered auspicious and pure. It carries all the essential elements of life: Fire, Water, Air, Earth and Space. This makes it the perfect metal for use in rituals and holy ceremonies such as Akshaya Tritiya and Dhanteras. According to ancient Hinduism, gold is considered auspicious and pure. It carries all the essential elements of life: Fire, Water, Air, Earth and Space. This makes it the perfect metal for use in rituals and holy ceremonies such as Akshaya Tritiya and Dhanteras. Let’s however, take a look at some of the modern reasons for the love of gold in India:
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- Gold is considered a Status Symbol: symbolizes wealth. It is culturally accepted that when you gift someone gold, it indicates that you have assets and are capable of investing in assets. As an Indian, you can say this, because “Shagun” (a sign of good luck) is always gifted in terms of gold coins or jewellery.
- Gold is a Liquid Asset: Gold has a liquid market (Gold Jewellery or Gold coins), so selling/ buying/ exchanging is easy. You don’t need to find the right buyer for your property or land. Things are even easier if you invest in digital gold where you can sell whatever amount of gold you want in no time. Regardless of the type of gold investment you are holding all you need to do is keep track of things like 18-carat gold rate in Gaya today or for any other carat amount and place and when you find the right price make the sale. Check out this page for more info.
- Gold is Tangible: Unlike stocks, bonds and other financial instruments, Gold has an intrinsic value to which everyone can relate to. For example, if you show your property papers to someone, they may not understand its worth but they will understand the worth of a gold coin/ jewellery. So its value is tangible and has a standard conversion rate in terms of money.
- Gold has No Counter Party Risk: Unlike property, stock or bond investments where you need to rely on some company or government’s ability to pay you back, Gold does not require anyone else’s assurance for its value. Its value is determined by its purity and weight which can be verified by anyone with a simple testing device (available at any jeweller’s shop). Even if there were no buyers of gold, an investor could take his physical holding of gold to a jeweller who would be able to assess the purity and weight and make an offer
- Gold has no historical relationship with inflation: when prices go up, the price of gold can also go down (and vice versa). So if you are buying gold as a hedge against inflation, you could end up losing money instead of making money. This was seen in the decade from 2001 to 2011 when gold prices went up by over 500% while consumer price inflation was under 50%. In other words, Gold does not always move in tandem with inflation.
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- Gold brings peace of mind and happiness to all Indians. It has the power to bring prosperity and good luck. Gold is believed that brings good karma, away from negative energy and protect us from evil spirits.
- Indians consider gold as an auspicious metal and wear it on religious occasions. As Indians, we believe in gifting gold to our loved ones on special occasions like marriages, birthdays and anniversaries.
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