India’s hidden stimulus: How a ₹33-lakh-crore gold stockpile could boost consumption

Indian households are sitting on around ₹33 lakh crore (US$3.9 trillion) worth of gold, creating a potentially powerful but underappreciated wealth effect for consumption, says Jefferies. The brokerage estimates that a further rise in gold prices, combined with increased gold-loan monetisation, could provide an 80–100 basis point tailwind to GDP and spending.