Despite efforts by India’s government to curb demand for precious metals, consumers have been rather resilient as gold has strong culture significance in India.
From the government perspective, investment in gold is crowding out funds that’s would go into a struggling banking sector and support the overall the economy. That is often why gold is referred to as a “dead asset” as the capital is unproductive from an economic stand point.
That being said, the Indian Rupee is down over 15 percent this year against the US dollar, and despite the metals fall, in the Indian culture it continues to be a store of value and a sign of wealth.
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