Gold consumption highest among Indian middle-income group

Weddings were the primary reason for buying gold, with 43 per cent of the Indian households surveyed buying the yellow metal for this purpose

Consumption of gold in Indian households is the highest among the middle income group – those with annual income between Rs 2 lakh and Rs 10 lakh – consuming an average of 56 per cent of the total volume of the yellow metal sold in the country in the last five years, said nationwide household gold consumption survey by India Gold Policy Centre (IGPC) at the Indian Institute of Management, Ahmedabad (IIM-A).

 

“Per capita consumption is highest among the rich, but total volume still rests