Indian households hold up to 16 per cent of global gold stock, says report

Indian households hold a significant share of global gold, with demand remaining strong despite price fluctuations, a report said. Structural factors, global policy shifts and investment trends continue to support gold as a preferred long-term asset ahead of Akshaya Tritiya

New Delhi: Indian households have between 11–16 per cent of all the gold ever mined above ground, more than the combined national reserves of the United States, Germany, Italy and Russia, a report said on Thursday, ahead of Akshaya Tritiya on April 19.

Recent price swings after nomination of Kevin Warsh as US Federal Reserve only show a short‑term correction and structural demand persist, digital investment platform InCred Money said in a note.

---

The note said that one in every three Indian households voluntarily holds gold as a long‑term store of wealth. India’s private gold stock at its peak was estimated to exceed 100 per cent of the country’s gross domestic product.

“It’s a multigenerational conviction, built through inflation cycles, currency crises, and geopolitical shocks. Gold has always been India’s original alternative asset,” the report said.

The note found that the 90 per cent rally between March 2025 and March 2026 was due to sustained central‑bank buying of over 1,000 tonnes annually since 2022 and policy moves such as the freezing of $300 billion of Russia’s foreign exchange reserves in 2022, proving the risks involved in dollar‑denominated assets.

The Reserve Bank of India (RBI) has repatriated gold reserves from London and that China’s 2025 mandate for its largest insurers to allocate up to 1 per cent of assets into physical gold also pointed in the same direction, it said.

China’s policy move could redirect $45–53 billion, or roughly 630–750 tonnes, over three years, effectively 15–20 per cent of all newly mined gold annually.

Average one-year returns gold ETF schemes range from approximately 58.81 per cent to 62.85 per cent, while five-year CAGR returns range from around 25.78 per cent to 26.11 per cent.

In 2025, domestic silver prices surged by over 170 per cent, while domestic gold prices rose by more than 76 per cent, outperforming benchmarks such as the Nifty and the S&P 500.