Indian households hold $5 trillion in gold that exceeds combined reserves of world’s top 10 central banks

According to an ASSOCHAM report, Indian households hold $5 trillion in gold, often exceeding 25,000-30,000 tonnes, which represents a massive, underutilised asset.  If 2% of this asset is channelised into financial systems, it could add $7.5 trillion to India’s GDP by 2047, representing a significant opportunity for economic growth.

While India’s official gold reserves, held by RBI, stand at approximately 880 tonnes, household holdings are estimated at over 25,000–30,000 tonnes, representing roughly 11% of the world’s total gold. 

ASSOCHAM suggests that monetising just 2% of this household gold annually could enhance India’s GDP by $7.5 trillion by 2047, potentially aiding economic growth through formal financial instruments. The record-high valuation in 2024-2026 is driven by both high volumes of physical gold, specifically jewellery, and a sharp appreciation in global gold prices. This massive, largely unmonetized wealth is deeply rooted in Indian culture, representing security, tradition, and personal financial wealth.