Gold prices soar to $4,000/ounce; Indian households' wealth jumps
Indian households just got a lot richer—together, their gold is now worth nearly $3.8 trillion.
This jump comes after gold prices surged more than 50% to over $4,000 an ounce this year.
The surge is being driven by central banks snapping up gold, global tensions, and recent US interest rate cuts.
Gold's cultural significance in India
India is the world's second-biggest gold buyer, so these price jumps really make a difference.
Morgan Stanley says this "positive wealth effect" is giving families a financial boost, helped along by lower interest rates and taxes.
The Reserve Bank of India has also been stacking up, adding about 75 tons since last year—bringing its total to 880 tons.
Gold isn't just an investment here; it's part of festivals, weddings, and family savings, so its rising value is being felt in daily life across the country.