About Precious Metals
History of Gold:
The story of gold is as rich and complex as the metal itself. Wars have been fought for it; love has been declared with it. By 325 BC the Greeks had mined for gold from Gibraltar to Asia Minor. In 1848 AD James Marshall found flakes of gold whilst building a sawmill near Sacramento and so triggered the gold rush in California.
Held securely in national vaults as a reserve asset, gold has an irrefutable logic; released from the tombs of pharaohs and emperors alike, gold has an undeniable magic.
Gold demand in India is expected to grow by over 30 per cent in real terms during the next decade, driven by rapid GDP growth, urbanisation, the emergence of a strong middle class and a sustained and potentially rising savings rate of 30-40% of income.
The Indian society has always been associated with an appetite for Gems and Jewellery. Tradition holds special value in Indian families. The Indian society can readily be associated with elaborate celebrations during festivals and occasions like marriages. Gold has always held a very special position and the affinity towards the metal is well founded in the history. The “Sone ki Chiriya”, as the name is found in annals, continues to be one of the largest consumers of Gold.
Indian consumer is ready to spend more on comfort, looks and entertainment; all credit to the rising level of incomes and the power to dispense more on well-being and self- indulgences. The rising level of precious metal prices may have seen some deceleration in demand growth in countries across the world; however, demand in India can be juxtaposed to inelastic.