North lags South in Gold saving

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Gold is the favourite metal of Indian families. It is most useful not only for looking beautiful but also for shaping the future. Indian families have always been investing their savings in gold. But in the last one year there has been a strong increase in it. Money9’s India’s Pulse Personal Finance Survey has revealed that while 15 percent of the families used to save in gold in 2022, this figure has increased to 21 percent in 2023. One reason for the increasing attraction towards gold is the rise in prices. Gold has given excellent returns in the last one year. Efforts like Sovereign Gold Bond have also been made by the government. Due to which the trend towards gold has increased.

North lags behind

If we look at the trend of gold purchasing, the difference between North and South India is clearly visible. Whereas last year the dominance of West India was visible.  ​In the 2022 survey, Surat was the number 1 city with 51 percent families saving in gold. The names of Krishna and Thane were second and third. But this year all three cities are new. Bengaluru has been at the forefront in 2023 with 69 percent families. After this comes Thiruvananthapuram. Here 66 percent families save in gold. The most shocking name has emerged from Darjeeling. This shows how there has been a rise in the income of the people in Darjeeling.

Dominance of east and south

Talking about the cities investing in gold, here the clear dominance of East and South India is visible. Jalpaiguri has emerged as the fourth city with 57 percent families investing in gold. After this comes Shivamogga and West Medinipur. Lucknow, the capital of Uttar Pradesh, is also included in the top 10 cities for investing in gold. Other cities included in the top 10 states include Rajkot, Coimbatore, Faridabad.

This survey has been done by the reputed global agency RTI International. This agency has been conducting such surveys for big institutions like the World Bank.