Indian households own 34,600 tonnes of gold!
This gold worth US$3.8tn & size 88.8% of India’s GDP Recently, Morgan Stanley focused on the robust India Economics and published their report; Ecoview: Gold - All that Glitters! Key contributors, Upasana Chachra, Chief India Economist & Bani Gambhir, Economist of Morgan Stanley India reported, India's households’ wealth held in gold is estimated at US$ 3.8tn / 88.8% of GDP. This is providing a positive wealth effect, even as benign macro stability ensures that flow of gold demand remains range bound. With gold prices scaling new highs, “we take stock of trends in gold demand, stock of gold holdings with households, and the impact on macro stability” said Morgan Stanley by listing, 1: Gold prices are currently at all-time highs, trading around US$4056/oz, with domestic prices also reaching record levels of ~Rs127,300/10 gms. YTD, gold prices have risen by 54.6% in USD terms and 61.8% in INR terms. 2: India remains the world’s second...