VOA标准英语2009年-India's Passion for Gold Wanes as Prices S

By Anjana Pasricha
New Delhi
19 September 2009

 
Gold coins and bars (file)
India is the world's biggest gold consumer, but the country's passion for the yellow metal is waning¹. Record high prices and the recent economic recession have taken away some of the glitter of gold.  

India's main festival and wedding season starts in less than two weeks. It is the time of the year when Abhinav Malhotra usually saw his big jewelry² shop in South Delhi packed with customers.

But, this year, there is barely a trickle³ of buyers for the glittering gold bangles, necklaces and earrings⁴ on display.

Malhotra says the number of customers is down by half, compared to last year, as surging gold prices and the global economic recession scare away people.

"It has impacted us, big time," he said. "In recession, when you expect prices of other items to come down like automobiles⁵ and electronics and many other things, gold is the only commodity where prices are going up like anything."

As gold prices top $1,000 an ounce - the highest price for the metal in the last 18 months - traders say they expect demand to dip drastically this festival and wedding season. 

The World Gold Council says, in the first half of the year, India's gold imports slumped⁶ by 26 percent, dropping to their lowest level in six years. India is the world's biggest buyer of the precious metal.

The country's passion for gold is rooted in culture and custom. Gold ornaments⁷ are a traditional wedding present to brides and a gift of the precious metal during Hindu religious festivals augurs⁸ good fortune. It is a traditional gift on other auspicious⁹ occasions, such as the birth of a child.

But shop owners say now they only see "essential customers" - those who have to buy for the marriage of a son or a daughter. Even these buyers are scaling back on purchases. Some are passing on traditional heirlooms, instead of buying new gold. Others are cutting back on the quantity of gold they buy and opting¹⁰ for ornaments of lesser¹¹ weight.

Usha Raina, whose daughter is getting married next month, says she nervously¹² tracks the price of gold, everyday.

"I have to cut down ... It is an Indian wedding, so you cannot do without gold, so I have to give," she said. "But yes, the amount will definitely get reduced."

Gold is getting hit not just by the surging prices. In the big cities, the traditional affinity¹³ to the precious metal is waning, as trends change. The new status symbol of the country's affluent¹⁴ class is no longer jewelry, but expensive mobile phones, Ipods or designer labels. 

The managing director of the World Gold Council in India, Ajay Mitra, says there is a move away from spending on gold in big cities, such as Mumbai and Delhi. He says rural India and smaller towns are becoming the mainstay of demand for gold in India.

"Close to 60 percent of our gold consumption happens in rural areas. And a large part of it is because I think the rural areas are still culturally closer to the core of our society, and the fabric," he said. "So they continue to practice rituals and norms that they have inherited whereas there is a bit of move away in the urban areas."

But this year, large parts of rural India have been hit by drought, reducing incomes and raising food prices. As a result, Mitra does not see gold demand picking up significantly in the next six months.

"It [gold demand] will continue to be soft, given the fact the rate at which there is price increase," he said. "And we all understand that there are fixed¹⁵ household budgets and also given the fact that generally prices of essential food commodities have taken a major increase."

However, in a country where the love of gold dates back centuries, jewelry shop owners say they will wait patiently for sales to pick up. As has happened many times in the past, they are hoping that customers will flock back, once they get accustomed to the higher prices.

1 waning   

adj.（月亮）渐亏的，逐渐减弱或变小的n.月亏v.衰落( wane的现在分词 )；（月）亏；变小；变暗淡

参考例句：

• Her enthusiasm for the whole idea was waning rapidly. 她对整个想法的热情迅速冷淡了下来。
• The day is waning and the road is ending. 日暮途穷。 来自《现代汉英综合大词典》

2 jewelry   

n.（jewllery）（总称）珠宝

参考例句：

• The burglars walked off with all my jewelry.夜盗偷走了我的全部珠宝。
• Jewelry and lace are mostly feminine belongings.珠宝和花边多数是女性用品。

3 trickle   

vi.淌，滴，流出，慢慢移动，逐渐消散

参考例句：

• The stream has thinned down to a mere trickle.这条小河变成细流了。
• The flood of cars has now slowed to a trickle.汹涌的车流现在已经变得稀稀拉拉。

4 earrings   

n.耳环( earring的名词复数 )；耳坠子

参考例句：

• a pair of earrings 一对耳环
• These earrings snap on with special fastener. 这付耳环是用特制的按扣扣上去的。 来自《简明英汉词典》

5 automobiles   

n.汽车( automobile的名词复数 )

参考例句：

• When automobiles become popular,the use of the horse and buggy passed away. 汽车普及后，就不再使用马和马车了。 来自《简明英汉词典》
• Automobiles speed in an endless stream along the boulevard. 宽阔的林荫道上，汽车川流不息。 来自《现代汉英综合大词典》

6 slumped   

大幅度下降，暴跌( slump的过去式和过去分词 )； 沉重或突然地落下[倒下]

参考例句：

• Sales have slumped this year. 今年销售量锐减。
• The driver was slumped exhausted over the wheel. 司机伏在方向盘上，疲惫得睡着了。

7 ornaments   

n.装饰( ornament的名词复数 )；点缀；装饰品；首饰v.装饰，点缀，美化( ornament的第三人称单数 )

参考例句：

• The shelves were chock-a-block with ornaments. 架子上堆满了装饰品。
• Playing the piano sets up resonance in those glass ornaments. 一弹钢琴那些玻璃饰物就会产生共振。 来自《简明英汉词典》

8 augurs   

n.（古罗马的）占兆官( augur的名词复数 )；占卜师，预言者v.预示，预兆，预言( augur的第三人称单数 )；成为预兆；占卜

参考例句：

• This augurs well for the harvest. 这是丰收的好兆头。 来自辞典例句
• Higher pay augurs a better future. 工资高了，前程会更美好。 来自辞典例句

9 auspicious   

adj.吉利的；幸运的，吉兆的

参考例句：

• The publication of my first book was an auspicious beginning of my career.我的第一本书的出版是我事业吉祥的开始。
• With favorable weather conditions it was an auspicious moment to set sail.风和日丽，正是扬帆出海的黄道吉日。

10 opting   

v.选择，挑选( opt的现在分词 )

参考例句：

• What courses are most students opting for? 多数学生选什么课程？ 来自《简明英汉词典》
• Wells doesn't rule out opting out and then re-signing with Houston. 威尔斯没有排除跳出合同再与火箭重签的可能。 来自互联网

11 lesser   

adj.次要的，较小的；adv.较小地，较少地

参考例句：

• Kept some of the lesser players out.不让那些次要的球员参加联赛。
• She has also been affected,but to a lesser degree.她也受到波及，但程度较轻。

12 nervously   

adv.神情激动地，不安地

参考例句：

• He bit his lip nervously,trying not to cry.他紧张地咬着唇，努力忍着不哭出来。
• He paced nervously up and down on the platform.他在站台上情绪不安地走来走去。

13 affinity   

n.亲和力，密切关系

参考例句：

• I felt a great affinity with the people of the Highlands.我被苏格兰高地人民深深地吸引。
• It's important that you share an affinity with your husband.和丈夫有共同的爱好是十分重要的。

14 affluent   

adj.富裕的，富有的，丰富的，富饶的

参考例句：

• He hails from an affluent background.他出身于一个富有的家庭。
• His parents were very affluent.他的父母很富裕。

15 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。