Indians love gold and that's why a lot of household in India have large number of gold in their house. This is mainly because of dowry prevalent in India. For dowry, the groom family expects gold. I know dowry is illegal but again it's a trend which is ongoing from 100s of years. Now people who have a lot of gold with them are happy seeing the price surge whereas people who have to buy the gold are actually not that happy.
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And that's why there is a mixed reactions within Indians. People who have already married and then there is no requirements of good buying are somewhat happy seeing the price of the gold. Each and every house in India have some or the other ornaments madr up of gold because that's the tradition out here. And that's why whoever is going to get married is actually not happy with the price surge because again they have to pay much more money to buy the gold. There budget is going out of hand just because Gold is near its all time high.
And that's why I am saying that Indians have mixed reactions because of the Gold price surge. Some people are happy because they have a lot of gold with them, some people are unhappy because they have to buy the gold at high price now and their budget will go out of hand. And that's why Indians love gold so much. They know whetever happens Gold price will never go down in the long run and that's why Indians love to invest in gold.
A lot of household doesn't have much money in stock market or in bank account but they are rich by having a lot of gold with them. Old people usually invests in two things one is land and one is on gold. And that's their diversification which has given them good returns till now.
