India’s hidden gold empire: $3.8T in homes plus billions in temple vaults

India’s centuries-old love affair with gold has created a fortune that outshines entire nations.

- Issac John

According to Morgan Stanley, Indian households now hold an estimated $3.8 trillion worth of gold, equivalent to nearly 89 per cent of the country’s GDP. Weighing close to 25,000 tonnes, this is by far the largest privately owned stockpile of gold in the world — a gleaming reserve of cultural pride, emotional security, and economic resilience.

The surge has been fuelled by gold’s stellar run this year. Prices have jumped about 62 per cent, pushing domestic rates to around Rs 127,000 per 10 grams — a record high. The appreciation has strengthened household balance sheets, creating what economists call a “wealth effect” that underpins consumer confidence and spending.

But India’s gold story goes far beyond its households. A parallel treasure lies behind the stone walls of its ancient temples — the sacred vaults of faith that also serve as some of the largest single repositories of precious metal anywhere in the world.