Gold Boom Swells Indian Household Stock to Almost $3.8 Trillion

Indian households are witnessing a jump in wealth after their 34,600 tons of gold holdings — weighing more than 6,000 elephants — have climbed in value following the recent record rally, according to a report.

The massive gold holding accumulated over generations, estimated at almost $3.8 trillion, is creating a “positive wealth effect on the household balance sheet, given the uptrend in gold prices,” Morgan Stanley Economists Upasana Chachra and Bani Gambhir wrote in a note on Thursday.