By Nikhil Agarwal
The Times of India, Mumbai
via MSN News, Redmond, Washington
Friday, October 10, 2025
India's household gold wealth has exploded to an estimated $3.8 trillion, following a spectacular 62% rally in 2025 that has pushed the value of the country's privately held gold to nearly 89% of its GDP, a staggering testament to the metal's enduring grip on household balance sheets and its growing role as a store of wealth amid global uncertainty.
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The surge has delivered a powerful wealth effect for families traditionally invested in physical assets, even as consumption volumes remain steady. With gold prices touching record highs above $4,000 per ounce globally this week and around ₹1.27 lakh per 10 gram domestically, Indian households are quietly sitting on one of the world's largest private troves of the precious metal — worth more than three times their equity holdings.
Morgan Stanley estimates that Indian households collectively hold about 34,600 tonnes of gold as of June 2025, making the country the world's second-largest consumer after China. Gold holdings among Indian households at current market value are about 3.1 times the current equity stock holding of $1,185 billion, according to the report.
While India's annual gold consumption has been largely range bound between 750-840 tonnes since 2021, meaningfully lower than its peak of 1,145 tonnes in June 2011, the sharp acceleration in domestic gold prices has pushed consumption in value terms to a fresh all-time high. ...
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