Indian household gold holdings larger that combined gold reserves of top 10 central bks

ANI

New Delhi

India's household gold holdings are the highest among major gold-reserve-holding economies of the world following a sharp rise in 2024-25 and early 2026, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) said in a press release on Friday.

"Channelising 2% of gold holdings into financial assets each year can add $7.5 trillion to India's GDP by 2047, bringing it to more than $40 trillion," the press release said.

The industry body noted that the accumulation of gold by Indian households over the years is much larger than the combined gold reserves of the top 10 central banks. Even if 2% of household gold holdings are channelled into financial assets every year, the 40% of total gold holdings in financial assets by 2047 will add an additional $7.5 trillion to the GDP through the multiplier effect.

As India's GDP is estimated to be $34 trillion by 2047, the addition of $7.5 trillion will enhance it to $41.5 trillion by 2047. According to the World Gold Council (WGC), India currently holds the world's eighth-largest officially recognised gold reserves. At 880 tonnes, this is just over one-tenth of US gold reserves, but ASSOCHAM said the stock of Indian household gold is ahead of that of any other country globally. "According to various sources, the estimated value of gold held by Indian households is about $5 trillion. This stock of privately held gold represents one of the largest pools of household financial wealth," the release added.