No country is as obsessed with gold as India, where households own about 34,600 tons, worth about $3.8 trillion, according to Morgan Stanley estimates. That’s more than the holdings at the central banks of the US, Germany, Italy, France, Russia and China combined. For India’s population of 1.4 billion, that works out to almost 25 grams per person, valued at more than $3,250 at current prices:
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