Soaring gold prices are having an unexpected impact on a major religious holiday celebrated in South Asia and many other parts of the world starting Saturday. The Festival of Lights, or Diwali, is the biggest holiday of the year for Hindus and other religions in South Asia and thousands of Hindus are expected to gather in London to celebrate. But one Diwali tradition, buying gold, is changing because of high prices.
It's a busy time of year for jewelers in London's East End. Many in this neighborhood are from South Asia and are celebrating Diwali.
During the Diwali season, you have the days running up towards Diwali and the five days after Diwali, where coins, investment bars will be bought because it's very auspicious to be bought, so you do find people to come in to but that memento as well.
But with the price of gold at an all time high, things are changing. Customers are looking at other precious metals, like platinum. Now only about $300 more an ounce than gold.
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