Last Updated : 05 December 2011 at 16:05 IST
Indian gold holding at $950 billion is 50% of GDP: Macquire
Indian household gold holdings totals to about 50% of the Indian GDP in dollar terms, a report by Macquire claims. At $950 billion, it represents 11% of the global stock making India one of the largest private gold holders in the world.
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MUMBAI (Commodity Online): Indian household gold holdings totals to about 50% of the Indian GDP in dollar terms, a report by Macquire claims. At $950 billion, it represents 11% of the global stock making India one of the largest private gold holders in the world.
Strong gold consumption, fuelled by tradition has resulted in Indians holding about 18000 tonnes of gold and at current values, approximate to $950 billion. About 78% of the $329 billion in household savings was also held in gold as of 2009-2010.
And even though, gold demand in volume terms has shown a marked decline of 23% over the last year, "India still remains the world's largest consumer of gold as of September, 2011, in tonnage terms”, the report added.
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