Indian temple resistance to central bank inquiry illustrates importance of gold

Individuals involved in precious metals investing might be interested in knowing about the resistance that temples across India have had to a central bank inquiry that sought to determine how much of the commodity these facilities are currently holding.

Hindu Groups are upset about the request for information, even though the nation’s central bank has stated that it has sent letters asking for gold figures solely because it wants to gather information, according to Reuters.

The request for this data has been made at a time when the Asian nation has one of the largest current account deficits of any country in the world, International Business Times reported. The robust imports of gold have contributed to this problem, as well as the strong demand that the nation has for foreign oil.

The government has already taken steps to reduce its current account deficit by making the rules for firms that lend against gold more stringent, and also pushing its import duty on the precious metal to a record 10 percent, according to the news source. Individuals who are involved in precious metals investing might be interested in knowing about key developments in India, as people there buy an average of around 2.3 tons of gold every day.

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