Married middle class couples on at a minimum buy anywhere between 250-400 gm gold. And there is no upper limit really. Well off families usually hold several kilograms in jewelery, coins and bars.
Gold price has gone from 70K to 160K in less than an year. That has provided indian middle class families with a bonanza of 40 lac gain per married couple at a minimum.
That is a lot of money and will have some impact somewhere. I am just not smart enough to figure out where. Feel free to brainstorm in the comments.