Rising Gold Prices Fuel Hidden Boost to Indian Economy

Rising gold prices have created a hidden boost to India's economy, according to Jefferies. The brokerage firm estimates that Indian households hold about 25,000 tonnes of gold, valued at $3.9 trillion as of March 2026.

This is an increase of $1.9 trillion over just two years and represents four times the value held in stocks and nearly 35 times the amount held by the Reserve Bank of India (RBI).

The share of gold in total household wealth has also grown, from 15.4% to 24.2%, while property and bank deposits have seen a decline.