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Saddam Hussein - His Gold and Golden Gun

Gold prices to hit Rs.40,000 soon?

Analysts believe gold prices may soon hit Rs.40,000 as India is approaching a wedding and festive season. Moreover due to economic crisis and crashing stock markets, people are heavily investing in gold. Gold has been a valuable and highly sought-after precious metal for coinage, jewelry, and other arts since long before the beginning of recorded history. A total of 165,000 tonnes of gold have been mined in human history, until the end of 2009. The world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry. India is the world's largest single consumer of gold, as Indians buy about 25% of the world's gold, purchasing approximately 800 tonnes of gold every year, mostly for jewelry. India is also the largest importer of gold; in 2008, India imported around 400 tonnes of gold.