While gold prices reached record highs in March 2008, and have declined by 20 percent since that time, analysts expect another rise that will co-incide with the wedding season in India. According to an analyst with JP Morgan Chase, gold purchases from India account for price increases of about 10 percent annually from September to December.
India is the world’s largest purchaser of gold bullion, and analysts expect the price per ounce to rise to USD$900 by the end of the year. That’s about USD$130 lower than the high mark reached in March. Aside from the wedding season, India makes substantial gold purchases in preparation for Diwali. A good percentage of the gold sought by India may come from Australian mines operated by Newcrest and Lihir. Globally, gold production is down because the cost of producing the metal is rising.
Keywords: Wedding News, Weddingblog, Wedding
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