Curated By: Business Desk
Last Updated: August 23, 2023, 11:55 IST
The value of gold held by Indians is more than Rs 1 lakh crore.
As per reports, there are about 2,500 tonnes of gold in the temples of India.
Investing in gold is a common thing in India. According to reports, India is the second-largest consumer of gold in the world after neighbouring China. But it is said that, as compared to the demand for gold here, the production is negligible.
Every year, people buy 800 tonnes of gold in India, whereas only 1 tonne of gold comes out of the mines located in the country. This means that 799 tonnes of gold are imported from outside. Reports suggest that gold consumption in India has increased continuously in the last 6 years, reaching from 666 tonnes to 799 tonnes. Gold consumption was 445 tonnes in 2020 during the COVID-19 epidemic. Along with this, since independence, the price of gold has risen from Rs 89 to Rs 59,000 but there has been no decrease in its demand.
As per reports, the USA is number one in terms of gold reserves in the world because the US government has 8,133 tonnes of gold in its treasury, while India has 797 tonnes of gold reserves. However, according to a report by the World Gold Council, Indians held more than 25,000 tonnes of gold in 2019. That is about 3 times more gold is owned by the people in India than the government treasury in the US. The value of gold held by Indians is more than Rs 1 lakh crore.
There are also jewellery accounts for about 80 per cent of the total gold held by Indians. At the same time, there are 2,500 tonnes of gold in the temples of India. There is an estimated 1300 tonnes of gold in the Padmanabhaswamy Temple which is dedicated to Maha Vishnu located in Thiruvananthapuram, the capital of Kerala. The Tirupati temple, situated in the Chittoor district of Andhra Pradesh and known for the famous Lord Venkateshwara Temple, is one of the most visited pilgrimage centres in the world and has 250 to 300 tonnes of gold. Every month 100 kg of gold comes here as an offering. India mainly imports gold from Switzerland, the UAE and South Africa.
