24K love for gold: Why is India obsessed with the yellow metal?

Once called the sone ki chidiya, India intelligibly ne'er got implicit its golden fever. For desis, golden is not conscionable a metal, alternatively it is rainy-day savings, wedding-season flex, household bequest and affectional support, each rolled into 1 shiny yellowish package. Somewhere betwixt these wedding seasons, festival offers and “bas thoda aur le lete hain”, India has softly go 1 of the world’s biggest unofficial golden vaults.Indian women ain 1 of the world’s biggest unofficial golden reserves, collectively owning much golden than the combined reserves of the United States, Germany, Switzerland and the International Monetary Fund (IMF). According to 2025 estimates by the World Gold Council (WGC), women successful India collectively ain a staggering 24,000-25,000 tonnes of gold.And the emotion is lone increasing stronger.India’s precious metals market, valued astatine astir $39.73 cardinal successful 2025, is expected to interaction astir $68.15 cardinal by 2032, according to Blueweave Consulting.But the modern Indian golden unreserved nary longer lives lone wrong velvet-lined jewellery boxes! The dense bridal necklace is present competing with Gold ETFs, integer golden wallets and 24K golden bars bought done mobile apps astatine midnight.

India’s centuries aged romance with gold

More than a decennary ago, erstwhile the underground vaults of the Sree Padmanabhaswamy Temple were yet opened, the satellite was near stunned by the large reveal. The stacks of golden went connected to beryllium seen arsenic among the largest collections of golden discovered.

Much evidently, India’s emotion communicative with golden is centuries old. Before it became an “investment,” the yellowish metallic was already doing everything: currency, culture, and comfortableness blanket. Kings traded it, temples stacked it, families passed it down similar affectional savings. In past India, golden wasn’t conscionable a metal, it was a full-blown taste multitasker: portion divine symbol, portion currency, and portion portable wealthiness that radical trusted much than kingdoms. Trade besides played a immense role, with India receiving dependable inflows of golden from alleged “gold-rich lands” similar Suvarnabhumi successful Southeast Asia, adding to its semipermanent accumulation.Once successful hand, golden refused to enactment successful 1 role. It became jewellery, temple offerings, ceremonial objects, coins successful aboriginal periods, and a trusted store of worth for families and kingdoms alike. In practice, it worked arsenic India’s archetypal hybrid system, money, ornament, and affectional information broad each rolled into 1 glittering asset.

Even today, the contented survives successful rituals. During occasions specified arsenic Dhanteras and Akshaya Tritiya, purchasing golden is seldom viewed arsenic specified consumption; it is treated alternatively arsenic an concern successful prosperity, auspiciousness and bully fortune.

Gold-ing by the numbers

The standard of India’s golden obsession is hard to miss. Indian households are estimated to clasp astir $5 trillion worthy of gold. While the fig itself is huge, what makes it adjacent staggering is that it is larger than the GDP of respective large economies.India is 1 of the world’s biggest golden consumers, importing astir 700 to 800 tonnes each year.

And adjacent arsenic golden prices proceed to rise, request for the yellowish metallic has stayed strong. In Q1, golden request roseate 10% year-on-year to 151 tonnes, portion successful worth presumption it jumped 99% to astir $25 billion, driven mostly by concern buying, according to WGC.Gen Z is adding a integer twist to this aged emotion story. With exertion profoundly woven into their regular lives, they are driving caller involvement successful golden done online platforms.

According to an ET report, past year, erstwhile yellowish metallic soared from Rs 76,308 successful January to Rs 1,32,640 per 10 grams by December, integer golden buying saw a crisp jump.NPCI information showed transactions surged 173%, rising from Rs 761.6 crore to Rs 2,079.31 crore implicit the aforesaid period. The World Gold Council (WGC) besides reported that Indian investors, mostly younger buyers, purchased astir 12 tonnes of integer golden betwixt January and November 2025.On the planetary signifier too, India remains a heavyweight successful golden demand, ranking among the apical markets for some jewellery and investment. In FY2025, it adjacent overtook China to go the world’s largest golden jewellery consumer, accounting for astir 30% of planetary demand.Apart from investments, 1 manufacture keeping India’s golden obsession permanently live is weddings.

Across communities and regions, weddings stay the biggest operator of golden purchases successful India.

Gold jewellery is not conscionable decorative astatine Indian weddings. It symbolises prosperity, household honour and fiscal security.South India, particularly states similar Tamil Nadu, Kerala, Karnataka and Andhra Pradesh, relationship for astir 40% of India’s golden request due to the fact that of the region’s beardown wedding jewellery culture.

From necklaces to notifications: How India is buying golden now

India’s golden buying habits are continuously evolving — archetypal it was jewellery, past golden bars and present your latest acquisition comes arsenic a popular up notification!For years, jewellery dominated the market. But younger Indians are progressively treating golden arsenic an concern merchandise alternatively than conscionable thing to deterioration during weddings.Even with a increasing buffet of modern concern options, golden inactive refuses to suffer its charm. A Smytten PulseAI survey of 5,000 consumers aged 18 to 39 recovered that 61.9% would prime golden if fixed Rs 25,000 to put today. Around 62% of respondents inactive called it their preferred concern choice, showing however it continues to outshine communal funds, equities, and crypto successful popularity, according to a PTI report.According to information by ICRA and ASSOCHAM, golden jewellery depletion fell 26% year-on-year successful the archetypal fractional of FY2026, portion request for bars and coins roseate 14%.A increasing fig of consumers, particularly younger and tech-savvy investors, present spot golden arsenic a fiscal plus alternatively than conscionable a portion of jewellery.“This inclination is heavy shifted successful favour of younger buyers and tech-savvy investors owed to fractional ownership with integer golden offering consumers to put arsenic small arsenic Rs 1 to Rs 100 via UPI connected fintech apps. Meanwhile Gold ETF request has seen a immense involvement successful caller years successful India arsenic Globally, it accounted for 32% of ETF request successful Q1 2026, making it the 2nd lone to China,” Commodity adept Maneesh Sharma told TOI.

Even carnal golden buying has evolved. Instead of dense jewellery purchases, much consumers are choosing 24K golden bars and coins, which travel with little making charges and clearer concern value. Jewellery preferences, too, are shifting toward lighter, lower-carat, and studded designs, reflecting a equilibrium betwixt contented and practicality.Overall, golden successful India is nary longer conscionable worn. It is planned, invested in, and strategically held.

What makes golden dearer than platinum oregon diamonds

For galore Indians, golden isn’t a luxury, it’s comfort, similar that 1 household person who ever shows up erstwhile things spell south.According to fiscal planner Rohit Shah, India’s narration with golden is backed by some taste content and applicable thinking. “By immoderate estimates, India whitethorn beryllium holding the highest golden reserves successful the satellite if each household holdings were besides counted. The obsession with golden runs heavy due to the fact that the lure of golden is solid, backed by beardown societal and taste reasons,” Shah told TOI.But present comes a cardinal question: why, adjacent with precious metals similar platinum, silver, and palladium, and gemstones similar diamonds and rubies, does golden proceed to basal out? Unlike metallic oregon platinum, golden has historically been viewed arsenic much unchangeable and reliable.

The yellowish metallic isn’t conscionable different precious metal, it plays a precise antithetic game. While metallic and platinum are engaged doing concern dense lifting, golden mostly stays retired of factories and successful people’s lives and lockers, with lone astir 6–7% utilized successful tech.

Silver gets astir 60% concern use, and platinum adjacent much astatine 60–70%.Instead, golden rules wherever it matters astir to people: jewellery, which makes up astir 27–32% of its demand. It wins implicit metallic and platinum due to the fact that it’s casual to shape, doesn’t suffer its radiance similar silver, and is acold much wearable and liquid than tricky-to-work-with platinum.In India, it goes beyond inferior into emotion and belief. Gold isn’t conscionable “precious,” it’s auspicious, tied to the sun, Goddess Lakshmi, and ideas of wealthiness and protection.

Silver, linked to the satellite and calmness, stays the much budget-friendly relative for mundane use.Furthermore, “Unlike silver, golden has been a acold amended store of worth and acold little volatile,” Shah said.India’s obsession with golden is simply a blend of taste & societal tradition, portion besides being viewed arsenic a signifier of societal information successful agrarian areas successful the country. This is successful opposition to occidental countries wherever it is viewed chiefly arsenic a signifier of luxury investment, explains Maneesh Sharma.

That quality matters.In galore agrarian parts of India, golden acts similar a backup slope account. Families whitethorn not person slope accounts, but they often ain golden jewellery that tin beryllium sold oregon pledged rapidly during emergencies.Gold loans person go particularly fashionable due to the fact that they let families to get wealth without permanently selling their jewellery. And dissimilar integer investments, golden feels disposable and reassuring.

So, wherever is this obsession headed?

Experts judge India’s narration with golden is entering a caller signifier alternatively than fading away.Investment-grade golden specified arsenic bars, coins and ETFs is expected to turn overmuch faster successful the coming years. Digital golden platforms and Sovereign Gold Bonds are besides apt to go much fashionable among younger investors.

At the aforesaid time, rising prices whitethorn proceed pushing consumers toward lighter jewellery and lower-carat designs.Large organised jewellery chains are expected to predominate much of the marketplace arsenic consumers progressively prioritise trust, hallmarking and transparency.But contempt each these changes, 1 happening is improbable to vanish anytime soon: India’s affectional transportation with gold.Shah believes golden should stay portion of each concern portfolio, though not the full portfolio.“As a thumb rule, a 5 to 10% allocation to golden is sensible for astir investors, and this tin spell up to astir 15% successful uncertain times,” helium said, adding, “Also, since India relies connected imports for astir 85 – 90 % of its demand, starring to declining overseas speech reserves, the authorities could apt enforce stricter import duties and could beforehand home golden mining & refining.”Over the adjacent decade, if jewellery request declines, the manufacture whitethorn displacement from small, unorganised jewellers to ample nationalist retail chains offering standardised, hallmarked, and exchangeable products, the adept told TOI.At the aforesaid time, bigger organization players similar pension funds and security companies whitethorn participate the golden market, expanding concern options and boosting golden ETF offerings successful India.

The bottommost line

From hidden temple vaults to a pat connected a telephone screen, India’s golden communicative conscionable keeps getting bigger and shinier. What started arsenic tradition, spot and a spot of temple treasure has present turned into jewellery, investments, integer wallets and everything successful between. The format keeps changing, but the feeling doesn’t. Whether it’s coins, bangles oregon ETFs, golden inactive means safety, luck and “just successful case” for astir Indians.And that’s the twist. In a state that’s ever moving forward, golden someway stays stuck successful the bosom of it all, softly shining done each procreation similar it ne'er went retired of style.India mightiness beryllium modernising its money, its bosom inactive measures wealthiness successful gold!