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

Jin10 data reported on October 10th that a report shows Indian household wealth is significantly rising. Following the recent record rise in gold prices, the 34,600 tons of gold they hold (equivalent to the weight of over 6,000 elephants) has greatly appreciated in value. Morgan Stanley economists, including Upasana Chachra, wrote that this massive 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 far higher than the World Gold Council's report in July 2023, which estimated Indian households' total gold reserves at about 25,000 tons. India is the world's second-largest gold consumer.