New restrictions from the Reserve Bank of India on gold imports will not have a major long-term impact on gold prices, according to analysts.
Jeffrey Nichols, senior economic adviser to Rosland Capital and managing director of American Precious Metals Advisors said that a good analogy to the central bank’s restrictions is Prohibition on alcohol in the U.S. in the 1930s. Prohibition didn’t work and he said he doesn’t think the Indian central bank’s restrictions will work in curbing demand for the yellow metal.
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