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Today is Akshaya Tritiya. The day is observed as auspicious for buying gold. Traditional wisdom exhorts everyone to buy gold as little as one can. Not just on this day, Indians’ love for gold is evergreen. There is a range of factors that makes India one of the largest consumers of gold in the world.
I still remember my childhood chemistry lesson that describes the versatile use of gold in a beautiful sentence: ‘From milkman’s wedding to the crown of the queen gold is omnipresent’. Gold is perceived to be an auspicious metal and a forms part of any sacred activity. Gold decorates even gods, thus, making Indian temples one of the major repositories of gold. The Reserve Bank of India has been on a gold-buying spree since 2018 to ensure stability in its foreign exchange reserves given the volatility of the dollar market.
Besides religious dimensions, Indians attach socio-cultural value to gold. Gold is the symbol of self-esteem. Gold forms a major part of marital transactions. The ornamental value of gold makes it much more precious. Though diamonds, platinum, pearls, and even artificial gold inundated the market for ornaments, the dominance of yellow metal remains strong. Gold is neighbours envy and owners’ pride.
There is an economic dimension to the Indian’s fascination for gold. It is considered a hedge against inflation. Not just individuals, even nations attach such an economic value to gold. In the recent past, the return on investment (ROI) on gold is relatively higher as compared to any other investment opportunities. The combination of ornamental and value appreciation makes the gold more attractive.
The liquidity makes gold a preferred investment and savings. Unlike stocks, bonds, real estate property, etc. gold can easily be converted into liquid cash, making it a preferred financial asset for all classes of individuals.
Gold is also a simple saving instrument accessible to even low and middle-income groups. One can save even a few thousands of rupees by buying even a gram of gold. No other saving instrument offers such flexibility which is so important in a country of diverse socioeconomics.
By – Prof K Nageshwar
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