Maybe the numbers look a bit exaggerated but think of the vast populations and traditional engagement with Gold in all three countries. I found a recent study about Türkiye and will try to decipher my views about China and India on the same.
The distinct Turkish tradition of "saving under the pillow"—a term referring to keeping valuables like gold at home—often comes into play during times of economic crisis, when the government calls on citizens to spend their savings to help revive the economy.
It's not uncommon for Türkiye to ask its people for help and they have responded it in the past. I believe they'll be up whenever needed. In fact they are very smart people and don't even give a damn about inflation or severely depleting national currency. This is also very similar to India where the inflation is around 6% and INR has depreciated around 100% to USD in previous 2 decades. But who gives a fu*k about INR or Lira or even Yen??
To my knowledge I don't see many holding huge amounts in fiat in the banks in either of these three nations. Most people prefer investment in gold or other similar hedge assets, be it very little.
According to the World Gold Council, Türkiye was the fourth-largest gold jewelry market globally in 2023, behind China, India, and the United States, with annual demand totaling 42 tonnes. Over the last five years, annual jewelry demand has averaged 35 tonnes, and 41 tonnes over the past ten years.
Look at the two names ahead of USA and their numbers are just majestic! The people in both of these countries hold around more than 90000 tonnes of Gold. The reasons for china are very identical to those of India's and Türkiye's.
One of the most significant contributors is the country’s enduring tradition of gifting, saving, and investing in gold—particularly in the form of jewelry. This cultural norm is deeply embedded in social life, where gold serves both symbolic and financial functions in weddings, religious ceremonies, and as a trusted form of family savings.
Another key motivation behind Türkiye’s widespread preference for holding physical gold is the desire to avoid taxation on deposit interest and large financial transactions.
These are the same reasons I mentioned in another post #1019192 about Indians loving to hoard as much as gold. I'm not surprised Türks doing the same because historically and culturally both countries share many similar values. In China there's a tradition of gifting gold jewellery when there's a birth in the family.
Another key aspect that I wanna attach here is all three of these nations were very dominant in precolonial eras and it was mostly due to the kingdoms that ruled here were very rich in Gold. There was time when India was called "The Golden Bird".
Thanks.