ndian households have piled up as much as 20,000 tonnes of gold, worth $1.16 trillion, an historic high. This shows that the governments efforts to trim overseas purchases of the idle asset by imposing an import duty and raising it in short intervals to reduce the current account deficit (CAD) havent yielded the desired results.
The World Gold Councils (WGC) latest estimate of Indias household gold reserves is 11% higher than the 18,000 tonnes it had been pegged at earlier. Coupled with 557.7 tonnes of the central banks holdings, gold stocks at known sources in the worlds largest consumer would represent more than 75% of its gross domestic product. Gold prices in Mumbai stood at R32,325 per 10 gm
Indians hoard 20k tonnes gold worth record $1.16 trn