In February 2024, India set a new record by importing $6.15 billion worth of gold, enough to build a small but shiny city. This significant increase was 2.3 times more than the previous year. The first two months of 2024 have shown that India's appetite for gold has grown considerably. The country spent $8.06 billion on the precious metal. This is 2.4 times more than in the same period of 2023. It seems that gold bullion is the new trend in the world. However, not everything is as rosy as it seems at first glance. Prithviraj Kothari, president of India Bullion and Jewellers Association, predicts a sharp drop in imports in March. Gold has suddenly become so expensive that even the most ardent fans of the precious metal are beginning to wonder if they should switch to silver. "Consumers cannot digest the current price level," Kothari noted. If gold prices remain at their peak, it threatens to turn the current wedding season where instead of traditional gold ornaments, people may have to resort to sparkling smiles.
