All that glitters in India

India’s economy has evolved significantly over the past 50 years. Yet, despite the proliferation of consumer goods and financial options, the average Indian household still holds 11% of its wealth in gold — with reserves reaching an estimated 25,488 tonnes, with a value of $1.45tn last year. (This is more than the top 10 central banks ranked by gold reserves.) Demand for the precious metal is driven by its role as a safe haven, but also by weddings and festivals, such as Diwali, when many Indians buy and gift gold, the ultimate status symbol.

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