Indian households have more gold than the world’s top-10 banks:Value up to ₹830 lakh crore; no country other than America-China has such GDP

Indian homes and temples hold 50,000 tons of gold, valued at approximately 10 trillion dollars, or about ₹830 lakh crore. According to a report by ASSOCHAM (The Associated Chambers of Commerce and Industry of India), an organization of Indian traders, this is more than the total reserves of the world’s 10 largest central banks. Indians possess so much gold that it exceeds the annual GDP of almost every country in the world, excluding the US and China. ASSOCHAM states that if this gold were to be invested in the country’s banking system or businesses, the pace of the Indian economy could increase manifold. RBI has a gold reserve of 880.3 tons According to data from the World Gold Council (WGC), India’s official government reserves (RBI) hold 880.3 tonnes of gold, ranking 8th in the world. This is significantly less compared to the US’s 8,133 tonnes, but India leads in private stock. Gold held in households up to 125% of India’s GDP According to estimates by Kotak Institutional Equities, the surge in gold prices between 2024 and 2026 has given a tremendous boost to the wealth of Indian households. 7.5 trillion dollars can be added to GDP by 2047 ASSOCHAM has prepared a roadmap on how this ‘dead investment’ can be put to work. Gold Loan Trend Rises: Debt Crosses ₹24 Lakh Crore Instead of just keeping gold in lockers, people are now using it for productive purposes. According to Indian agencies, the current price of gold… Does the rising price of gold increase purchasing power? It is generally believed that when the price of an asset increases, people feel richer and spend more. This is called the wealth effect. However, a report by MK Global claims the opposite. According to the report, 75-80% of gold in India is in the form of jewelry. People view it as a long-term saving and a tradition. Since people do not sell it, the increase in prices does not have any significant impact on their daily consumption or purchases.