Indian household gold holdings have surged to nearly $5 trillion, propelled by a sharp rise in prices, a Kotak report shows. Gold has emerged as a dominant non-property asset class for households, outpacing the growth of equities and deposits. Households earning below ₹5 lakh hold nearly 70% of India’s gold stock. Despite the recent surge in gold loan portfolios, such loans account for only about 5% of total lending, reflecting gold’s underutilisation as a productive financial asset. India’s net imports of gold and precious stones over the past 16 years are 2.5 times cumulative FPI inflows. This massive external outflow poses persistent macroeconomic and liquidity challenges. Key facts:

Published on March 24, 2026