India gold demand jumps as jewellers buy at record price

China will likely surpass India as the world's largest buyer of gold this year for the first time in recent history, but Indians continue to purchase gold as a hedge against currency debasement.  The festivals for which gold is purchased for is incidental.  For centuries, Indians have innately understood gold's store of value against the insidiousness of a government's printing press.

http://in.reuters.com/article/2012/09/14/markets-india-precious-idINL3E8KE2QY20120914