The magic of yellow metal

India have great emotional attachment to gold.India has long standing love affair with gold.gold was given prime important by our ancestors as an investment choice for a number of cultural, historical and religious reason. The love for gold sees no biases based on gender,caste,economic or social status, education etc.This is one of the few things that unite India.gold is ingrained in the culture and a part of their belief system.

Gold is the 2nd biggest important item for India after energy.Even today when there is a huge variety of investment options open to Indians,our love affair with gold continues. According to the world gold council, upwards of 50% of Indian demand for gold is destined for weddings.still in this age when daughters are doing good for themselves why parents have to gift them with gold. South India are believed to be India's biggest gold market. Gold threads n powder forms are also usable. Pure golds are consumed in many forms.the application of gold in India are numerous.

The government in an attempt to boost revenues imposed a 1% excise duty on jewelry. In India it is seen that opening a bank account is not easy unlike purchase of gold.gold diverts saving out of the banking system. For many poor Indians,gold is money and can act as collateral when there is a need to borrow. Farmer also used gold as collateral to reacquire their land from local landlords.India consumes a lot of gold which results an increase in smuggling.

RBI issued sovereign gold bond investment along with other gold monetization scheme. With these investments, government is trying to persuade Indians to give up their gold in return for a gold bond that would pay them interest. We can instead hold a piece of paper tied to gold. But people are reluctant to give up their gold for a piece of paper from government.

India sees the SCO as important to it's economic well-being. The organization will be incorporating gold into it's monetary system. China and Russia the two founding members have already begun building up their gold reserves.if temple gold can be distributed to the public in the form of coins via Banks  and that way ,we'll become less reliant on importing refine gold from countries like Switzerland, Dubai and Australia.gold is to be central to the future of the SCO.