Mumbai: As far as India is concerned, it is the middle class that is buying and hoarding the most gold, according to a study.
The India Gold Policy Center, which surveyed nearly 40,000 households, found that the middle class in India was the largest buyer of gold. That too, they want to buy gold as a nugget or as an ornament. Only the high-income segment wants to buy gold in digital or paper form. But the general mood of the people is that gold is for the rich. In reality, it is the middle class that buys the most gold.
Life insurance
In households with an annual income of 2 – 10 lakh rupees, a large amount of gold is purchased. This is 56 percent, on average, in consumption. This is because of the fact that gold is considered a very safe investment. Bank deposits, provident funds, life insurance, post office savings and gold are considered the safest. That is, those with an income of more than 10 lakh rupees consider their investments to be more profitable.
Rather than being safe, they want the surplus to come from their investment. Because of this, they are more likely to invest in the stock market, securities, and real estate. As for gold consumption, it was not affected by high inflation and the introduction of GST.
74 percent
Over the past five years, 74 percent of high-income earners have confirmed that they have purchased gold. Gold is a symbol of celebration. About 65-70 percent of jewelry purchases are made for weddings and holidays. Only 30 – 35 percent is purchased at will.
According to Indian households, 43 percent of households buy gold for marriage. It is also true that the Corona period reinforces the notion that gold is a better asset than other investments. Thus stated in the report. The general mentality of the people is that gold is for the rich. In reality, it is the middle class that buys the most gold.