Revealed in the report, they are buying the most gold not among the rich in the country

Revealed in the report, they are buying the most gold not among the rich in the country

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According to the report, the consumption of gold was not affected by demonetisation or the implementation of GST. The highest gold is being bought in a family earning Rs 2 lakh to 10 lakh annually.

Apr 12, 2022 | 8:42 am

Indians’ craze for gold is not hidden from anyone. India ranks second in the world in terms of gold consumption. Do you know who buys the most gold in the country? This has been revealed in a report. According to the report, people from the middle income group buy the most gold in the country. They buy gold in physical form, not digital.

The Gold and Gold Markets-2022 report by India Gold Policy Center (IGPC) also said that people in higher income group are interested in holding gold in digital or paper format. Per capita gold consumption is highest among the rich, but its total amount is still with the middle income group. According to the report, most of the consumption is in households in the annual income range of Rs 2-10 lakh, which is about 56 per cent of the average amount.

The Gold and Gold Markets-2022 report by India Gold Policy Center (IGPC) also said that people in higher income group are interested in holding gold in digital or paper format. Per capita gold consumption is highest among the rich, but its total amount is still with the middle income group. According to the report, most of the consumption is in households in the annual income range of Rs 2-10 lakh, which is about 56 per cent of the average amount.

Therefore, they prefer safe investments - ie gold and gold products or safe government products such as bank fixed deposits, provident funds, life insurance, post office savings, where the risk is lowest, it said. Whereas for upper-middle and rich people with an annual income of more than Rs 10 lakh, savings are their extra earnings, extra money lying idle and earning on capital gains. Hence they prefer to invest in stocks or shares, derivatives and real estate.

Therefore, they prefer safe investments – ie gold and gold products or safe government products such as bank fixed deposits, provident funds, life insurance, post office savings, where the risk is lowest, it said. Whereas for upper-middle and rich people with an annual income of more than Rs 10 lakh, savings are their extra earnings, extra money lying idle and earning on capital gains. Hence they prefer to invest in stocks or shares, derivatives and real estate.

The domestic gold consumption report was prepared through a survey conducted by IGPC in collaboration with People Research (PRICE) on India's consumer economy. The survey was done among 40,000 households. The report further revealed that the consumption of gold was not affected by demonetisation or the implementation of the Goods and Services Tax (GST). It said that at least 74 per cent of high-income households have bought gold in the last five years.

The domestic gold consumption report was prepared through a survey conducted by IGPC in collaboration with People Research (PRICE) on India’s consumer economy. The survey was done among 40,000 households. The report further revealed that the consumption of gold was not affected by demonetisation or the implementation of the Goods and Services Tax (GST). It said that at least 74 per cent of high-income households have bought gold in the last five years.






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