Surging gold prices are set to dampen the festive season for the worlds biggest consumer market, India.
For centuries gold has held a timeless allure for Indian women, who like to showcase their best jewels on social occasions like weddings and festivals.
With mounting turmoil in the global financial system, Indians are sticking to their traditional love for gold as a safe haven investment. The commodity posted its biggest weekly gain in a decade last week, climbing by an impressive $1012 an ounce.
The passion of Indian consumers for the yellow metal has put India in the league of top importers of the gold for quite some time. But the soaring gold prices have restricted Indian people from buying the precious metal. Infact the recent trend shows that the ongoing financial meltdown has pushed Indian consumers more towards selling their gold holdings.
Tags : INDIA ECONOMY COMMODITIES FASHION GOLD Consumers Gold prices gold vs dollar federal reserve devaluation stocks bonds loans interest banks crisis depression recession economy Financial meltdown Importers Top Rated Most Viewed Discussed News George Bush Ron Paul Gold Standard Fox Business Henry Kissinger Bill Clinton Hillary Rodham Gordon Brown Of Rights New World Order Watched Comment Video Sarah Palin Joseph Biden Rahm Emmanuel Rod Blagojevich You Tube Politics Gaza Israel Palestine Alex Jones Economy Government Bailouts Barack Obama Gun Control First Second Amendment Recession Depression Inflation River January 30 2009
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