'All that glistens is not gold, oft have not heard that told'? This famous line, in this context, by Shakespeare, is one phrase we've all grown up listening to. We are made to memorize the fact that gold is a precious item; it's one of great value and makes for a beautiful accessory. If you're the gold casket, you may not have been chosen by Bassanio to win Portia's hand, but boy are you worth some!
Gold with all its luster and dazzling yellowness is archaic beauty; tales of its purchase and purchase by it go back a long time. From the ancient Egyptians and caves of the Paleolithic period to the era of international banks and merchants in the now, gold has pretty much retained its
worth. And from analyses of these ancient civilizations which we don’t want to get into , it makes sense that gold was a status symbol used for distinguishing classes.
Indians themselves are fascinated with wealth in the form of gold; the weight doesn’t have anything on Indian aunties at Parties already wearing such heavy Sarees (Not to forget the great singer Bappi Lahiri who adorns himself with as much gold as there is in the market).
India and its dominant cultures have always had a unique history with gold, and so there are many cultural aspects also to look at, one example being Dhanteras which is a festival itself accorded to buy gold and similar metals which would, in turn, bring you more fortune. All of the Indian gods and goddesses wear some jewelry (except Shiva) believed to be gold and gold coins are continuously falling from Lakshmi’s hands.
All of this is pretty clear that 'oh yes Gold is amazing, very rare, very nice' but do the millennials care about this so hot metal? I want to say no. At least amongst the upper middle classes, gold has received a setback in terms of its usage as a social status symbol. When my mom wanted to make gold earrings out of money I’d been saving as a child from a relative here and a relative there, I was taken aback, how ridiculous a suggestion! Now, I do know that gold is also suitable for investment purposes, but then I did not see any point of buying jewelry.
Likewise, times are changing. It's no longer the same type of commodity being used as a status symbol. You have a way larger range now. It's all iPhones and the latest trends; the ability to become an influencer or a YouTuber also depends on your wealth itself. Higher the level of lifestyle you project by eating out, going to picturesque locations, and having a great camera is a status symbol. Gold does not stand a chance amongst all of these qualities; all of them trying to grab attention.
Although investment in gold remains a good option, and in the international markets it makes sense that gold remains a valuable asset, its position primarily as a status symbol has significantly dropped amongst the urban youth who now look for other items to invest in to carry the social function of a declaration of wealth.