India, the world’s biggest gold importer behind China, spends more than $30 billion a year buying gold from abroad, making the metal its second-biggest import item after crude oil.
Gold is a mainstay of Indian culture, serving as the primary vehicle for household savings for hundreds of millions of people in Asia’s third-largest economy. Gold jewellery is considered one of the best gifts for gods and humans alike, and the spike in demand during the wedding season that peaks in November and December can move global prices of the metal.
