While the rumors of the Indian government imposing a gold ban appear to be more fiction than fact, one market researcher says that the government’s clampdown on the country’s underground economy and on “black money” will continue to take its toll on the gold market.
In a recent interview with Kitco News, Nigam Arora, chief investment officer and founder of the Arora Report, said that as citizens become more confident in India’s financial system, the need for gold will be reduced. He added that the government policies already in place are helping to reduce gold’s role as a store of wealth.
India’s domestic gold market and global investors have been nervous since early-November as the rumors of the gold import ban started to spread after Prime Minister Narendra Modi announced that the government would end the use of 500 and 1,000 rupee notes…Read more at Kitco News
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