The soaring prices of gold are being felt particularly in India, where gold is considered an auspicious metal. Gold jewelry, gold ornaments and other gold items have always been traditional gifts for religious holidays and family celebrations such as weddings and births. Because gold is seen as a portable asset, gold jewelry and bars are an important part of a woman’s dowry, stored away until the gold items are sold for their metal value. (74)
India is the world’s biggest consumer of gold. 200 metric tons of scrap gold are recycled there every year. India imports about 700 metric tons of gold, with only a miniscule gold production of its own. The high gold prices have hurt gold importers. India’s gold imports in January plunged by 72 percent to around 24 metric tons, an official from World Gold Council said. (139)
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