Feeding India’s Hunger for Gold

Indians purchased 860 tons of gold last year, almost all from abroad

Feeding India???s Hunger for Gold
The Sree Padmanabhaswamy temple in Kerela holds an estimated $18 billion in gold and jewels
Photograph by Chiara Goia

Indians imported 863 tons of gold last year, contributing to a high trade deficit. Some business leaders suggest tapping the estimated 35,000 tons of gold already in India, some of it held by Hindu temples. Banks would buy gold and sell it to dealers. The central bank asked some temples about their gold holdings but has said there are no plans to purchase it. Hindu nationalists want the temple gold to stay put.

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