if any one govt reject the gold for pledging against the golden ornaments for loans then the gold will lose it's importance immediately to the zero level. but i don't know any chance for that decision.
Gold is purchased by people when their going is good. But when there is catastrophe like floods etc. you will never get true value of gold. In the 2009 Bihar floods, people had to sell Gold @ RS 4000 even though the price in rest of India was over Rs 12000.
