In Salem, the price of gold opened the month of December at the rate of Rs.4,712 per gram.In addition to its obvious ornamental uses, gold is used as a safe hedge against inflation. Auspicious days such as Dhanteras and Akshaya Tritiya attract long queues in front of jewellery stores in Salem. Most consumers in Salem buy gold jewellery for traditional festivals and weddings. As a result, around 150 million weddings are likely to take place in the coming ten years. According to World Gold Council, 50% of the Indian population is under 25 years. Intriguingly, 60% of demand for gold comes from rural India especially during weddings.Įxperts, therefore, warn that reducing rural purchasing power, crop failure and a bad monsoon may hit gold sales. According to experts, gold prices are unlikely to rise in the near future due to an imminent hike in interest rates by the US Fed and Greece’s default crisis.
Gold rates touched a 4-year low in India and over five-year low globally this year. Gold rates in Salem depend on several global factors such as gold imports, oil prices and strength of the dollar among others.
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