I often discuss how India, the world’s largest gold market, is vital to the Love Trade in gold. In fact, last week I talked with Canada’s Business News Network about India’s rising demand for the precious metal.
This past Sunday, 60 Minutes aired a feature on the concept of the Love Trade, in which correspondent Byron Pitts highlighted the importance of gold to Indian history, culture and tradition. Byron sat down with two Indian wedding planners to discuss the traditional wedding ritual in which gold is considered sacred and a sign of wealth. They also discussed the religious holiday, Lakshmi, as the one day that Hindus buy gold to bring prosperity.
Ajay Mitra from the World Gold Council was also interviewed, discussing gold as a part of life in India. He characterized the role that India plays in gold demand, as “fundamental for the health of the industry. If India sneezes, the gold industry will catch cold.”
As an example, a few weeks ago, we discussed how Indian gold demand was down based on the gold price spike because of currency swings. (Read In the Bullring With Gold now.)
Click below to watch the excellent segment.
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