Diwali & its impact on the price of gold
Diwali is the five-day festival of lights, celebrated by millions of Hindus, Sikhs and Jains across the world. This major festive period is predominantly celebrated in India, and is believed to be a particularly auspicious time to marry.
For many, Diwali honours the Hindu goddess of wealth, Lakshmi, so it’s no surprise that gold plays a prominent part in the celebrations. Around the time of the festival, the gold price rise is often attributed to Diwali, and with India being one of the world’s greatest consumers of gold, the precious metal features strongly in wedding decorations and traditions.
As we get closer to Diwali, The Royal Mint’s Precious Metals team usually witness a rise in the demand for gold, with a rush to snap up more of the precious metal ahead of the festival being the most likely cause.
Looking for Diwali gifts?
Diwali provides a golden opportunity to discover the range of exclusive gold products available from The Royal Mint.
One popular product is the Britannia gold minted bar, which contains one troy ounce of 999.9 fine gold and is designed to personify the link between The Royal Mint and Britannia. This 24 carat bar was designed by Jody Clark and features a unique serial number for authentication and security.
The Royal Mint also offers 1g, 5g and 10g gold minted bars, while Royal Mint Refinery (RMR) branded bars are available in a variety of weights and feature the RMR logo as well as the unique serial number for authentication.
In addition to gold bars, gold coins are also a highly popular choice from The Royal Mint. Britannia gold coins are available in a range of sizes and price options, all featuring the iconic depiction of Britannia herself. Britannia has become a trusted symbol to investors since she first appeared on coins in the Far East in the nineteenth century and the alloy for the range is 999.9 fine gold.
The Sovereign and Half-Sovereign are both minted in gold, and depict the iconic George and the Dragon design by Benedetto Pistrucci. The Sovereign is a flagship product from The Royal Mint and is trusted internationally on account of its precise specification. First struck in 1489, it was revived in 1817, taking the place of the guinea as the main circulating gold coin.
Unchanged since its revival, the traditional depiction has led to the coin acquiring the reputation as the ‘chief coin of the world’. Struck in 22 carat gold and minted to bullion standard, this iconic coin endures, trusted and respected by investors all over the world.
Would you like to see more articles like this one?
The Royal Mint prepares a free, regular bullion newsletter via email with articles like this one, as well as news and current events that we think may be interesting to investors and anyone who follows financial developments. If you would like to subscribe, simply enter your details below.