India’s fascination with gold-How it affects Indian Economy?

by Rahul Saraswat Online Marketer

As we know the china is the world’s Largest Consumers of metals as well as India and china accounted for 44% of Gold jewellery consumption globally. According to report of World Bank India is set to become the single largest gold billion Consumers that own gold stocks worth about $800bn.

The main reason behind that is India’s culture, rituals and history that insist people to convert their savings into gold that it gives them good returns. That gold is used for jewellery purpose, marriage, baby shower and all and If Economy suffers from Inflation or climb new heights that gold mostly uses as collateral for loans.

The effect is so dangerous. Gold smuggling is being increased up to 3000 kilograms a month. The investment which is converted into gold can help educate, house and feed India’s massive population. India’s import has been decreasing day by day. In Stock market Report shows that MCX profit is decreased up to 72% as well as it continues to dominate in the metals space, while NCDEX flourishes in agriculture commodities. The impact is Silver is continuing decreasing and being undervalued by focusing on more about gold. A greater gold slow or trade deficit will also prove to devalue the country currency. That’s not the end of it. Bombay Stock Exchange Sensex has fallen more than 16% since the start of the year. Financial markets are also losing out of funds.

It is being believed by the Economist that if people invest in shares, mutual funds, or property the country’s yearly GDP would be higher by 0.4%.

So be active and think wisely before investing in Gold and for more updates on live mcx rates visit https://www.mcxpricelive.com/ .