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Gold has nearly doubled in a year. Yet Indian households aren’t rushing to sell. Net gold recycling fell to just 19 tonnes in the June 2026 quarter; an 11-quarter low; even as families spent a record ₹1.98 lakh crore on gold. So, what’s keeping all that old gold locked away?
India’s households are estimated to hold roughly $5 trillion worth of gold as of March 2026. | Image: Shutterstock