Indians and RBI just struck a ₹30 lakh crore gold windfall. Here is who gained what

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. 

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 single largest notional gain RBI has booked in decades, and it comes with zero currency risk. Gold’s share in India’s forex reserves has shot up from 8–9% last year to over 12.5%—without RBI adding a single tonne in the last three months. The central bank paused its gold purchases in June 2025, likely waiting for more favorable pricing after an aggressive buying spree through 2024.

But homes hold the real power

But the real story lies beyond central banks. Indian households hold an estimated 25,000 tonnes of gold—over 95% of the country’s total reserves. At current prices, this private stash is worth ₹29.21 lakh crore, or $3.29 trillion. It’s not just the world’s largest private gold holding—it’s bigger than the official reserves of the top 10 central banks combined.

This immense accumulation is driven by India’s cultural affinity for gold as a store of wealth, dowry tradition, and inflation hedge. But today, it also doubles as a strategic financial buffer—quiet, unmonetized, and immensely powerful.

India’s total gold—central and household combined—stands at around 25,800 tonnes. That dwarfs China (18,000 tonnes), the U.S. (12,700), and even Germany (12,440). While most countries rely on government reserves, India’s strength lies in its citizens’ vaults, lockers, and jewellery boxes.

Gold has become more than an ornament. It’s now a geopolitical hedge, a currency shield, and a bet against global chaos. And in India, it’s proving to be all that—and more.