From greenback to gold in India

Varghese, who usually avoids shopping, is buying gold jewelry for his daughter's wedding, viewing it as both a gift and a solid investment. Amidst a global credit crisis and a declining dollar, gold is considered a safer asset. India, the largest gold consumer, accounts for 30% of global demand. Indian households have long held gold, and their wealth has grown with rising gold prices. Retailers are optimistic about future demand, especially from the rural population, whose income is increasing. The advice is to exchange currency for gold as a stable investment.

Why is Varghese shopping for gold jewelry today?

What is the significance of gold as an investment according to the text?

How do Indian consumers view gold in relation to their wealth?

What trend is observed in the demand for gold in India?

What advice is given regarding currency exchange in the context of the U.S. economy?