Indian gold soars in wedding frenzy

Tens of thousands of Hindu marriages held this week to coincide with the decade's most auspicious celestial event have sent gold prices to record highs.

    About 14,000 wedding bells rang in Delhi on Thursday

    According to bullion traders, gold, which jumped 35 rupees to 5,970 rupees ($129.78) for 10 grams on Thursday, when 14,000 wedding bells rang in Delhi, rose again to the year's highest of 6025 rupees on Saturday as the marriage season climaxed.

    The precious metal in Mumbai, India's business hub, broke previous records to zoom up by 55 rupees and closed at an all-time high of 6040 rupees as the bullion market closed the week on Saturday. 

    "The bulls are active in the retail market because of the marriage season," a bullion market trader said. The date of 27 November was considered the holiest spot in the monthly Hindu calendar for matrimonial unions, prompting parents marrying off their daughters to arrange their wedding parties within the holy period. 

    Celestial wedlock

    Astrologers say the convergence of Jupiter and Venus in the house of Sun with the Moon aligned favourably was a unique celestial boon for Hindu wedlock and is a phenomenon that occurs in a 12-year cycle. 

    A Hindu bridegroom arrives on
    horseback at  his wedding

    The southern Indian city of Chennai (formerly Madras) too was touched by planetary blessings and frenzied local marriages kicked up gold prices Saturday by 20 rupees to 6000 rupees, other traders said. 

    Silver, used in auspicious Hindu rituals such as weddings and funerals, also staged a smart rally in New Delhi, Bombay and Madras on the back of the marriage boom, traders reported. 

    Delhi city officials estimate at least 27,000 nuptials occurred in the week that ended Saturday, predicting a weekend of thousands of post-wedding receptions and cocktails across the city of star-crossed couples. 

    SOURCE: AFP


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