I dont believe thats correct, India is trying to restrict the movement of gold and use within its borders. They have notably removed entire bank notes from circulation as viable currency over night while trying to clamp down on the cash economy. This was done in order to favour central government control over the economy for taxes and revenue, to aid regulation of India as a whole rather then the divided country it has been in the past.
India might easily view gold as opposite to that central control of money and capital flows within its economy, I dont think they are positive on its use by the people. However the people who are always more important when calling a trend are positive on gold and gold has a long history in India going back many centuries as the only real money to pass within and between families. Most commonly this would be demonstrated in weddings I guess but also gold is used for security in a business, many still save this way AFAIK
Same for China the people respect gold still as not just jewellery but traditional money. I think this is far more true for these two growing countries then is reflected anywhere in the west, we are fully signed up to credit here and seemingly happy to accept the inflation and sponge like nature to value that comes with it in each boom bust cycle.
As a westerner I'm not sure we are even able to recognise money any more minus the credit and centralised government bank influence, its been generations since we had solid money so the idea is a mystery to us more or less. In Asia either through tradition or just every day use they recognise the concept or feeling far better. Thats just my guess but I dont think they ever lost the thread of capital exchange via precious metals like we have done so absolutely here.
They definitely do have the debt and paper money, central banks and all we have but also have kept a better respect for gold. In Vietnam they buy houses with gold bars apparently, the price in paper would vary far too much over night and cause problems in holding an agreed price a house cant be sold fast enough I guess for it not to be a problem. Vietnam also has giant amounts of inflation, printing and a lower labour cost then China, they are growing and with knowledge of gold as a vital backstop. If the future should bring financial trouble again like a decade ago, I think many countries will be using gold and trusting value from it.
How well gold competes vs others alternative standards is debatable but as a great fan of technology I wont believe gold goes away in my lifetime
But still, do you know who are the biggest consumers worldwide with gold? Indian women (I didn't verify, to be honest, I just watched a documentary long ago on the gold topic). So they won't stop to consume, it's something integrated in their culture, and I don't think a government removing a banknote is doing something on gold. Some EU countries are thinking to remove the 500€ banknotes (that we never use or never see once, and the stupid 0.01€ 0.02€ coins)
