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Did You Know That Indians Possess Three Times As Much Gold As The US Government Treasury?

<p>In India, buying gold is a widespread practice. India is reportedly the world’s second-largest gold consumer behind its neighbor China. However, it is said that output is insignificant compared to the local demand for gold.<img decoding=”async” class=”alignnone wp-image-142214″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-chandrayaan-3-center-requests-live-streaming-of-moon-landing-at-all-universities-including-iits-and-iims-download-2023-08-23t172924.264.jpg” alt=”theindiaprint.com chandrayaan 3 center requests live streaming of moon landing at all universities including iits and iims download 2023 08 23t172924.264″ width=”1329″ height=”744″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-chandrayaan-3-center-requests-live-streaming-of-moon-landing-at-all-universities-including-iits-and-iims-download-2023-08-23t172924.264.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-chandrayaan-3-center-requests-live-streaming-of-moon-landing-at-all-universities-including-iits-and-iims-download-2023-08-23t172924.264-150×84.jpg 150w” sizes=”(max-width: 1329px) 100vw, 1329px” title=”Did You Know That Indians Possess Three Times As Much Gold As The US Government Treasury? 6″></p>
<p>In India, individuals purchase 800 tonnes of gold annually, while only 1 tonne of gold is produced by local miners. In other words, 799 tonnes of gold are brought in from outside. According to reports, India’s use of gold has risen steadily over the last six years, from 666 tonnes to 799 tonnes. During the COVID-19 pandemic, 445 tonnes of gold were used. Along with this, the cost of gold has increased from Rs 89 to Rs 59,000 since independence, yet demand for the metal has not decreased.</p>
<p>According to statistics, the United States has the largest gold reserves in the world, holding 8,133 tonnes in its treasury, compared to India’s 797 tonnes. But the World Gold Council said that in 2019, Indians had more than 25,000 tonnes of gold. The citizens of India possess almost three times as much gold as the US federal treasury does. Indians own gold valued at more than Rs 1 lakh crore.</p>
<p>In addition, jewelry makes up nearly 80% of all the gold that Indians own. In addition, there are 2,500 tonnes of gold in Indian temples. The Padmanabhaswamy Temple, a Maha Vishnu shrine in Thiruvananthapuram, Kerala’s capital, is said to contain 1300 tonnes of gold. One of the most popular pilgrimage sites on earth, the Tirupati temple in Andhra Pradesh’s Chittoor district is home to 250–300 tonnes of gold and is famed for housing the Lord Venkateshwara Temple. 100 kilograms of gold are brought here each month as an offering. India mostly imports gold from South Africa, the UAE, and Switzerland.</p>
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