The rally in the equity markets that started in August/September 2013 has seen the benchmark indices - the S&P Sensex and the CNX Nifty - move up over 35% till now and has seen investor preferences shift to riskier assets like equities.
In contrast, gold and silver, considered safe haven bets in uncertain times, lost 8.8% and 20.4%, respectively during this period. Consumer demand (in monetary terms) for jewellery, gold bars and coins dipped 41% in the first quarter of calendar year 2014 (Q1 2014) to $7,911 million. In physical terms, it was 26% lower at 190.3 tonnes, data suggests.
All this, in effect, also reflects the investor's preferred investment choice at a time when the country was gearing up to vote and elect a new government.