The problem is people probably aren't paying for things in gold in India (e.g. how many specs of gold would they be handing over to pay for their groceries) and the half of India without bank accounts would struggle to afford a gram of gold. In other words India are probably a long way from abandoning their currency. I suspect central bank buys/sells probably pull a lot more weight when it comes to shifting the price?
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The problem is people probably aren't paying for things in gold...
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