In the last few days this has been the hottest news where our Prime Minister Narendra Modi Ji has advised people a few things. Recently the value of our Indian currency reached a all time high value against dollars in the global markets. This means that we are doing a lot of imports compared to exports and the cost of living is getting higher in India. If the currency value against dollars is increasing, it is a good sign but the value of Rupee is decreasing and this is a bit of a concern.
Source - Gemini
Out of some of the advices given by the Prime Minister, not buying gold for one year is also one among that. We have been paying a lot of import duty to bring Gold into India. If people stop buying gold. They will reduce the demand and the money going out as import duty will also reduce. This is a good thing because the value of Gold will also reduce and it can become affordable for people. But I personally doubt that the value would considerably reduce again because so far we have only seen upper trend for gold and other top commodities. Value of Rupee is also another contributing factor though.
But one thing that is very strange is that the value is increasing even further after Modi Ji announces that people should refrain from buying gold. It looks like only now people are buying more gold. Apart from gold, the PM has also asked people to use public transport more compared to own vehicles. The intention behind this is to reduce the consumption of fuels that again we are importing from other countries. The alternative for the petrol consumption can be the use of electric vehicles. This can be a great choice. If public transportation is very good then I think people might consider using public transportation.
I currently don't have any plans to buy gold and the price is also not very attractive right now to buy anyways. Maybe in the future if at all the price goes down people might buy it again. I think the reason we have not made any lab made gold yet is also another reason why we have this demand as high. Similar to diamonds if there is a lab made gold available in the market, then gold might lose its value but that's not realistic at least now.
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