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At record high prices, India's household gold could now be bigger than GDP
By Nikhil Agarwal
The Times of India, Mumbai
Monday, December 29, 2025
India's legendary love affair with gold has reached an extraordinary milestone. With spot gold touching fresh all-time peaks above $4,500 per ounce in the international market, the country's household gold reserves may have crossed the $5 trillion mark—making the glittering stash worth more than India's entire gross domestic product.
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A Morgan Stanley report last October estimated that Indian households own about 34,600 tonnes of gold. At last week's record high of $4,550 per ounce, that translates to more than $5 trillion in household gold wealth. India's GDP, by contrast, stands at around $4.1 trillion according to the International Monetary Fund.
The statistic is as much cultural commentary as economic fact, a testament to gold's unshakeable grip on the Indian psyche even as the country races toward becoming the world's third-largest economy.
"It is a striking statistic that invites deeper reflection rather than a literal comparison," Dr. Manoranjan Sharma, chief economist at Infomerics Valuation and Ratings, told the Times. "While GDP is a flow variable and gold holdings are a stock, the contrast nevertheless highlights the extraordinary cultural, financial, and psychological importance of gold in the Indian economy." ...
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