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After the sudden announcement of the abolition of large-denomination banknotes in India, the impact on India's gold demand has become the focus of global precious metals investors. Analysts believe that the positive period for gold demand is fleeting, but as India modernizes the way it saves, it is a long-term negative.
India is so attached to physical assets such as gold and real estate, partly because of traditional habits and concerns about inflation, and because these two markets are mainly traded in cash, Modi's demonetization will help It is aimed at accelerating the transfer of India's domestic savings model from physical assets to formal financial products. In other words, it is to pull funds out of gold and real estate.
The scale of India's savings has reached one-third of India's GDP, but the concentration of funds in gold and real estate offsets its positive effect. The transformation of savings methods into modern financial assets will significantly reduce India’s domestic financing costs and form a more competitive economy.
And this directly impacted the gold market.
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