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11-12-2010, 11:22 PM #1
Nations with the largest gold reserves: India at 11India owns over 18,000 tonnes of above ground gold stocks worth approximately $800 billion and representing at least 11 per cent of global stock, according to estimates of World Gold Council.
This is equivalent to nearly half an ounce of gold ownership per capita, a figure which is significantly below consumption in Western markets, representing scope for additional future growth", says a WGC research paper entitled 'India: Heart of Gold'.
In 2009, total Indian gold demand reached $19 billion, or Rs 974 billion, which accounts for 15 per cent of the global gold market, according to WGC.
While Indian consumers continue to stock gold despite rising prices, when it comes to total gold reserves in the country, India ranks 11th in the world with 557.7 tonnes of gold. Above the ground gold stocks is different from the total gold reserves.
Over the past ten years, the value of gold demand in India has increased at an average rate of 13 per cent per year, outpacing the country's real GDP, inflation and population growth by six per cent, eight per cent and 12 per cent respectively.
The country currently has one of the highest saving rates in the world, estimated at around 30 per cent of total income, of which 10 per cent is already invested in gold....being a human...