As India enters the festive season, gold once again takes centre stage — both in jewellery stores and in conversations about wealth. With international gold prices breaching $4,000 per ounce and domestic rates crossing Rs 1.2 lakh per 10 grams, the yellow metal has outshone most asset classes in 2025. Yet, amid this glittering rally, Zerodha CEO Nithin Kamath has raised an important question: can India make its massive gold holdings work harder for the economy? Advertisement

In a post on X (formerly Twitter), Kamath pointed out that Indian households collectively hold around $3 trillion worth of gold, according to World Gold Council data. “While equities fund business growth, most of this gold remains locked away, earning nothing,” he wrote. “We need better ways to financialize this gold

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