Bullish for MUTHOOTFIN, MANAPPURAM: India's Gold Stock Tops Top 10 CBs

Assocham estimates Indian households hold $2.4-10 trillion in gold, exceeding the combined reserves of the world's top 10 central banks. The industry body is pushing for monetisation, gold-backed lending and broader financialisation to unlock this idle wealth.

If even a fraction of this gold enters formal channels, it expands the addressable market for gold-loan NBFCs and organised jewellers materially. It also aligns with the government's repeated attempts (GMS, SGBs) to channel household savings away from physical gold and reduce import dependence.

Direct beneficiaries are gold-loan NBFCs MUTHOOTFIN, MANAPPURAM and IIFL, which already monetise pledged household gold. Organised jewellers TITAN and KALYANKJIL gain from gold-exchange schemes and financialisation; RAJESHEXPO has refining-side exposure.

Watch for follow-up policy noise from the Finance Ministry/RBI on a revamped Gold Monetisation Scheme or sovereign gold-loan framework. Also track LTV caps on gold loans and quarterly AUM growth at MUTHOOTFIN/MANAPPURAM as confirmation signals.

• •Indian households hold more gold than top 10 central banks combined
• •Estimated value ranges from $2.4 trillion to $10 trillion
• •Assocham urges monetisation, gold-backed lending and financialisation