Gold Demand in India Sees 5% Rise at 802.8 Tonnes in 2024, 2025 Projection at 700-800 Tonnes: WGC

Gold Demand in India Witnessed A 5% on-Yar Rise at 802.8 Tonnes in 2024 Supported by Reduction in Import duty, and Purchases Related to Weddings and Festivals, And Going Ahead CONAD CONSUPTION OF to be between 700-800 Tonnes, according to the world gold council.

The World Gold Council (WGC) in a report on Wednsday (Jan. 5, 2025) Said Gold Demand in the Country in 2024 Study at 802.8 Tonnes, As Against 761 Tonnes in 2023.

The Total Gold Demand Value Went Up by 31% at ₹ 5,15,390 Crore in 2024, Compared to ₹ 3,92,000 years in 2023.

“Our Outlook for 2025, Gold Demand is Between 700-800 tonnes. It is expected that Gold Jewelry Demand will recover due to wedding-Related purchases, provided there is some Level of Price Stability, “WGC Regional Ceo, India, Sachin Jain Told Pti.

It is pertinent to mention here that gold price touched Multiple records highs over the past year.

According to the all India Sarafa Association, Gold Pries Extended The Rally for the Fifth Straight Session and Rose ₹ 500 to Hit A Fresh Peak of ₹ ₹ 85,800 Per 10 Grams in the Nural Capital Obust demand from Jewellers and retailers.

In this year, gold has surgged ₹ 6,410 or 8.07% to ₹ 85,800 per 10 grams from ₹ 79,390 per 10 grams on January 1.

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The WGC’s 2024 Gold Demand Trends Report Stated The Fourth Quarter (October-Decmber) Demand was flat at 265.8 tonnes, which is Similar to 266.2 tonnes in the same period of 2023.

Meanwhile, in 2024, the jewelery demand declined by 2% to 563.4 tonnes in 2024, compared to 575.8 tonnes in 2023, said.

“The Total Jewelery Demand, in terms of volume, decreased by 563.4 tonnes in 2024, despite the gold price reaching multiple record highs.

“This indicates the resilience of gold jewelery demand in India and highlights the effect of the duty cut in July as well as India’s Strong Stronger Economic Growth CompAred to Many Other MARKETS,” Jain said.

He said that many consumers purchased gold jewelery in the late third quarter when the duty cut mitigated much of the recent price increase.

Gold pris resume their upward trend after the July duty cut, and a subsequent correction in November attracted investors seeking lower-priced purchases, he added.

Nonetheless, Jain said, the value of gold demand during 2024 Increased by 22%, Illustrating the Ongoing Demand for Gold and Supported by the Rise in Gold Pries Throughout the year.

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“Total Gold Investment Went Up by 29% in 2024, at 239.4 Tonnes-The Highest Since 2013, Compared to 185.2 Tonnes in 2023, Reinforcing Gold’s Status as a Safe-Haveen Asset,” MR. Jain stated.

Gold Recycling Last Year Saw a decline of 2% at 114.3 tonnes from 117.1 tonnes in 2023.

Further, Gold Imports in India in 2024, decreased by 4% to 712.1 tonnes as compared to 744 tonnes in 2023.

“There was consistent etf demand through the year, and the festival period of dhanteras and diwali in October This was further enhanced in Major Metropolitan Cities by e-Commerce Platforms Offering Rapid Delivery of Small Gold Investment Bars and Coins, “He Noted.

Further, He Said, The Reserve Bank of India was a significant purchaser in 2024, Acquiring 73 tonnes, more than four times its gold purchases of 16 tonnes in 2023.

Additionally, it is anticipated that trend of robust gold investment demand will continue, with retail investors showing growing growing Interest in Gold ETFS, Digital Gold, and Coins and BARS, he added.