Over the past 30 years, Asian demand for gold has risen from 45% to nearly 60% of the world’s total, primarily driven by China and India, who now account for almost 50% of global gold demand.
In India, gold is not just a luxury but a valued asset, with an estimated 87% of households owning some amount of the precious metal, often purchased as a form of savings and wealth preservation, particularly in rural areas.
When the World Gold Council published its first Gold Demand Trends report 30 years ago, Asian demand made up 45% of the world’s total. Today, the Asian share of global gold demand is approaching 60%.The World Gold Council describes the two countries as “super consumers” of gold. Thirty years ago, China and India accounted for about 20% of annual consumer gold demand. The Indian gold revolution started in the early to mid-1990s when government policy changes freed up the market.
Indians traditionally buy and hold gold. Collectively, Indian households own an estimated 25,000 tons of gold and that number may be higher given the large black market in the country. The yellow metal is interwoven into the country’s marriage ceremonies and cultural rites. Indians also value gold as a store of wealth, especially in poor rural regions. Two-thirds of India’s gold demand comes from these areas, where most people live outside the official tax system.
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