Affluent Savvy
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Gold is a symbol of wealth and prosperity in India.

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Sushil Kumar Sinha, the business head for commodities at Karvy Comtrade, discusses the gold market.

q Why are Indians such big buyers of gold?

a Indian consumers generally view gold as a hedge against inflation because the inflation rate in India is very high. Consumers measure the value of gold according to traditions where gold is considered a symbol of wealth and prosperity. Consumers also invest in gold as a part of household savings and a long-term investment to protect wealth. Gold also has a huge social, economical and sentimental significance.

What's the effect of lower prices?

Lower prices will lead to an increase in the demand for gold and support gold prices in the near future. However, the biggest threat to the government's exchequer is the smuggling of gold that could increase due to the arbitrage between the customs paid price and price without the import duty which would be large enough to entice smugglers to trade in gold bars and coins illegally in the country.

What kind of impact are factors including higher import duties having on India's gold market?

India has increased the import duty on gold from 6 per cent to 8 per cent and also forced domestic jewellers to purchase gold on a cash basis. It means that gold jewellers can purchase gold up to the limit of cash available with them. The increase in import duty would also affect gold prices while limiting the purchase of gold in the market due to lower supply and higher demand. Gold imports are expected to fall in June.

What are your expectations going forwards?

It is expected that gold prices might recover in the future as Indian consumers see gold as a hedge against inflation and an investment in household savings, which should support gold prices. The fall of the rupee against the dollar might also extend the gains in gold prices.

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What do you say when manifesting money?

Here are 20 positive money mantras and affirmations to get you started: You are a money magnet. Money flows freely to me. I release all resistance to attracting money. ... There is always more than enough money in my life. I naturally attract good fortune. I am financially free. My income exceeds my expenses. More items...

Finances can be tricky, demoralizing, and altogether frustrating. That’s why we’ve rounded up some of our favorite “money mantras” for you right here. Consider this a cheat sheet for those days when you really need an affirmation to repeat to yourself. Saying these money affirmations aloud, or even in your mind, can help instill a sense of calm and positivity around your financial situation. We hope the following affirmations will help you reset a negative mindset around money. And more than that, we hope these money affirmations will empower you to take the steps needed to finally open that savings account, plan for retirement, pay off your student loans, or take up investing.

Here are 20 positive money mantras and affirmations to get you started:

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