The world’s biggest gold rally in over a decade has delivered India a windfall like no other. At current prices of ₹1,16,822 per 10 grams, India’s total gold stockpile—held by both the Reserve Bank of India (RBI) and households—is now worth over ₹30 lakh crore, or $3.29 trillion. Advertisement

That’s more than the GDP of most countries and nearly 10 times India’s total forex reserves.

And it’s not just sentiment driving the surge. The numbers are staggering.

RBI's stash

The Reserve Bank of India holds 879.58 metric tonnes of gold—its highest ever. As of September 30, that reserve is worth ₹10.28 lakh crore ($115.7 billion). Just a year ago, the same gold was valued at ₹2.74 lakh crore. That’s a 275% increase in value, not from more buying, but from price appreciation.

This is the si

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