India's love for gold has done little for its economy and investors, BlackRock's Larry Fink says

BlackRock founder and chairman Larry Fink said gold can be a good store of value but it does not stimulate economic growth — "It just sits in a safe."

India's central bank gold reserves have also hit an all-time high of 817 tons, according to data from World Gold Council.India's fondness for gold has neither benefited its economy nor generated decent returns for investors, BlackRock Founder and Chairman Larry Fink said Fink emphasized the importance of capital markets and how they can improve a country's economic standing as opposed to gold, citing the role of U.S. capital markets in the American economy.

Kavita Chacko, research head of India at World Gold Council, however, said recent record highs in gold prices could hurt demand for the precious metal in India.

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