Gold striking the right chord with more women

With their increasing economic independence and rising personal wealth, more and more women in India are preferring to buy gold, World Gold Council has said.

WCG said in a report that gold has become a more relevant and desirable product to a greater number of women, leading to an increased number of women falling into gold's core target group.

A recent WGC study conducted across six key gold markets, including India, found the increasing independence of woman in developing countries and shifts in attitudes and behaviours, has made gold more desirable for women, it said.

Consequently, the number of women falling into gold's core target group in India has increased from 2.5 crore (Rs 25 million) in 2002 to 3.2 crore (Rs 32 million) in 2005, while contributing to the rise in gold purchases over the past few years.

Between 2002-2005, gold demand in the country rose to 750 tonnes from 571 tonnes despite higher gold prices as many people became richer, it said.

"Social trends are also changing. More women are seeking their independence by entering the workforce, which means there are increasingly two bread winners in the family and there is more disposable income available for discretionary purchases than in the past."

At the same time, young middle class Indians are more willing to spend than their parents, the report said.

The tastes are becoming more international with households increasingly demanding all the conveniences of the modern world, such as mobile phones and home computers, it said.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group