Gold premiums soar in India

An Indian wedding without gold is an unheard of thing. With the nation moving into wedding season mode, gold importers are making hay across the country, asking for extremely strong premiums from jewellers, who have been rushing to get hold of the precious metal.
"Imports are down to a trickle. There is absolutely no gold available anywhere in the country. Most jewellers have been making do with recycled gold, but given the wedding season that is upon us, many of us are finding it difficult to keep pace with the soaring demand for gold,'' said Manish Kedia, bullion retailer.
While some retailers said they paid up premiums as high as $120 an ounce last week, on December 6, premiums crossed $180 an ounce higher than London prices.

"December 5 was the first Thursday of the Margashirsha Lakshmi Puja, the most auspicious time for seeking blessings of Goddess Laxmi, the Goddess of fortune and prosperity. The puja (reverence, homage) is as important as the Lakshmi puja at Diwali, when the Goddess of wealth is revered and honoured, and holds immense significance across the country. Many people tend to offer gold coins or small gold items at the time of the puja,'' said Manganeshwar Dholke, bullion retailer.

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