India's household gold reserves have expanded to nearly $3.8 trillion

A report shows that household wealth in India is significantly increasing, with their holdings of 34,600 tons of gold appreciating substantially following a recent record rise in gold prices. Morgan Stanley economists, including Upasana Chachra, wrote that this vast gold reserve accumulated over generations is valued at nearly $3.8 trillion, creating a "positive wealth effect" for household balance sheets in the context of rising gold prices. For Indians, gold is deeply embedded in culture, religion, and social life. This latest estimate is much higher than the World Gold Council's report in July 2023, which estimated the total gold reserves of Indian households at about 25,000 tons. India is the world's second-largest consumer of gold