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Do Indian women own 11% of the world’s gold?

Business Desk | banglanews24.com
Update: 2024-05-19 16:38:09
Do Indian women own 11% of the world’s gold?

Considered an auspicious symbol of affluence, a valuable asset, and a fundamental part of everyday life, gold symbolises purity, prosperity and sacredness, and plays an intrinsic part in Indian culture. Celebrations, including weddings, are predominantly celebrated with gold there.

Regardless of how subtle or extravagant a wedding is, every Indian wedding custom has its roots firmly planted in gold, and no Indian wedding is complete without the gift of gold, be it elaborate bridal jewellery or a simple gold bar.

Usually, women are presented with this gift and they inherit that gold from generation to generation and subsequently their volume increases as well.

World Gold Council (WGC) India's Director Somasundaram said the 2020–21 study indicates that Indian households own 21,000–23,000 tonnes of gold. By 2023, it had grown to a mass of over 25 million kilograms, or roughly 24,000–25,000 tonnes. With this quantity of gold, 40% of India's GDP is covered.

According to a report published by the Oxford Gold Group, 11% of the world's gold is possessed by Indian households. That is more than the reserves of the USA, the International Monetary Fund (IMF), Switzerland, and Germany put together.

The USA ranks first on the list of gold reserves. According to the Economy and Markets report, the country has 8,133.5 tonnes of gold reserves. Gold makes up 75% of the nation's foreign reserves.

With 3,359.1 tonnes of gold, Germany ranks second. Oxford claims that Germans have made large investments in gold recently. Germany tops the list of countries that purchase gold worldwide. Italy possesses 2,451.8 tonnes of gold, placing third in the world.

Source: Agencies

BDST: 1638 HRS, MAY 19, 2024
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