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Gold Price Soars in India, Brides Grumble

A woman looks into a mirror as she tries out gold jewelry at a shop in Mumbai, India. AP Photo/Rajanish Kakade)

Gold Price Soars in India, Brides Grumble

Thanks to the new tax and weaker rupee, that's about a 20 percent premium over the world market price, hovering just under $1,200 an ounce.

With India's wedding season in full swing, the glass sales counters in Mumbai's famed Zhaveri gold bazaars are crowded with customers eyeing elaborate headpieces, nose rings and necklaces. No one does jewelry quite like an Indian bride, who by tradition wears all the gold she can stand up in and her family can afford.

These days, though, even the most ambitious bridal budgets don't bring the bling like they used to, thanks to hikes in import duties and a rise in local gold prices that have shoppers grumbling.