Gold price is rising day by day & it is becoming very difficult for a common man to afford buying gold. Especially in India, it is a tradition that people buy gold on festival & wedding ocassions. But the way the gold price is rising, it is becoming impossible of thinking of buying gold jewellery. There was no reduction in the prices of gold in this year’s Budget (Budget 2008). It can also lead to problem to public in some ways. for example it is a compulsary tradition in indian marriages that bride’s parents put some gold to the bride on the ocassion & also buy some gold chain & bracelet to the groom. So for middle class people who are getting their daughters married, it is hard for them to afford buying gold at such a high price. Just in matter of 3 years, the price has increased from 600 rs per gram to 1300 rs per gram which is more than double.
It is time world gold council think about reducing prices at least by 300 rs per gram. What do you think. Please provide your valuable comments.