The scale is striking and Julius Baer estimates Indian households hold 34,600 MT of gold, with close to 80% held by women. Based on assumed global gold holdings of 171,300 MT, this implies Indian women own almost 28,000 MT, or 16% of global reserves.
According to Julius Baer, the latest gold rally is creating an unusual set of winners: women, led by Indian households where gold ownership is deeply cultural and often sits with female family members. Gold rose 44% last year, a move that has rewarded traditional buyers just as much as institutional ones, including central banks and ETFs. Central banks bought 863 metric tonnes (MT) of gold in 2025, while gold ETFs recorded US$89 billion of inflows, Julius Baer notes.
In her note, Jen-Ai Chua, Equity Research Asia at Julius Baer, writes: “The meteoric rise in gold prices has benefited major holders of the precious metal, including central banks, asset managers and physical gold holders.” She adds that “an unexpected group has emerged as by far the biggest winner of the rally”, pointing to Indian women who “collectively own an estimated 16% of the world’s overall gold reserves”.
