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3 Indian companies have more Gold holding than Australia

Source: File

India accounts for approximately 30% of the global demand for gold.

India, according to World Gold Council, has the 11th largest gold reserves at 558 tonnes.

The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,378 and 2,814 tonnes, respectively).

The gold holdings of the three largest gold loan companies based in India's southern state Kerala have grown from 195 tonnes two years ago to nearly 263 tonnes towards the end of September 2016.

Muthoot Finance, Manappuram Finance and Muthoot Fincorp jointly hold nearly 263 tonnes of gold jewellery, which is higher than the gold reserves of Belgium, Singapore, Sweden or Australia.

India accounts for approximately 30% of the global demand for gold.

In Kerala, 2 lakh people are employed in the gold industry.

According to the Times of India, over the last two years, the gold holdings of Muthoot Finance, the largest of Kerala's gold loan companies, grew from 116 tonnes to 150 tonnes.

Muthoot Financenow holds more yellow metal in its vaults than the reserves of Singapore (127.4 tonnes), Sweden (125.7 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes).

Apart from Muthoot Finance, tManappuram Finance with 65.9 tonnes and Muthoot Fincorp with 46.88 tonnes. The combined holdings of the three are 262.78 tonnes.

According to GFMS Gold Survey, India tops the list of countries consuming gold jewellery, with a consumption of 107.6 tonnes during Q3 of calendar year 2016.

Compared to this, Europe and North America together consumed only 67.1 tonnes in the same period. China, the second-largest gold jewellery buyer in the world, consumed 98.1 tonnes over the same period.