The relationship with gold is changing, the next boom in gold will see the big hand of Gen-Z, not just jewelers. A new report by the World Gold Council says that the next big boom in gold in India will not only be buying jewellery, but also technology, digital finance and new-age investment products. The WGC report comes at a time when gold prices have soared over the past few years. People's shopping habits have changed. However, people in India are still spending a lot of money on jewellery. According to a report, people of India have 31 thousand tons of gold. The estimated cost of which is Rs. 315 lakh crores, that is 3.4 trillion dollars. Out of which most of the gold is lying idle in the houses. Due to this it is the least utilized asset in India but it has an important contribution. According to the WGC, people born between 1997 and 2012 see gold as more than just an inherited asset. It also emphasizes on issues like liquidity of gold and digital access. This is the reason why they are showing more interest in digital gold and technology based investment products instead of just physical jewellery. Young investors do online research before investing in gold. According to an estimate, consumer spending by Gen-Z could reach approximately $2 lakh crore by 2035, which will have an impact on India's gold market in the future.
Gen-Z will have a big hand in the next gold boom (Business) is featured on Aapnu Amdavad — the digital home of Ahmedabad, where Amdavadis discover news and everything happening across the city.