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Indians may be falling out of love with gold

P.N. GADGIL & SONS, a jewellery shop in Thane, a suburb of Mumbai, is gearing up for the wedding season—a busy time for gold sales, even if demand is brisker still during Hindu festivals, when jewellers stay open almost round the clock. Free samosas and Pepsi are offered to those queuing outside; inside, the noise and bustle are non-stop.Indians have long regarded gold as the surest store of wealth. Brides bring it as dowry. Newborns are given bangles and anklets. Astrologers prescribe gold rings for stress. Indian households own 23,000 tonnes, three times more than the bullion held by America’s Federal Reserve. In the year to March 2018 gold imports, at $74.7bn, ranked after only oil.
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