South Asian women might be the winners of the gold rush
CNN
For Farzana Ghani, 56, from Miami, Florida, every piece of gold she owns holds a memory.
Every piece of gold that Farzana Ghani owns holds a memory. She has intricate jewelry sets from her mother-in-law from her wedding in Pakistan; a gold chain gifted from her mother after she performed the Hajj, the Muslim pilgrimage; and gold coins to celebrate her daughter’s birth. And she will keep investing in gold, as prices for the metal reach record highs. “Compared to bonds and compared to holding cash, I would still prefer to buy gold coins,” Ghani, 56, of Miami, Florida, said. Brides in South Asia are famously decked out in the precious metal – necklaces, earrings, nose rings, hair pieces and amulets – that can be gifted or inherited. The collection often starts before they’re even born, composed of inherited pieces and gifts to commemorate their birth, life milestones and religious holidays. Gold has been known as the most reliable safe haven asset for millennia, but it is more than an investment for South Asian families. The tradition of daughters inheriting their mothers’ gold spans across urban and rural India, regardless of socioeconomic class.
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