Summary:

According to the World Gold Council (WGC), India's gold consumption increased by 18% year on year in the July-September quarter of 2024, reaching 248.3 tonnes, driven by lower import taxes that bolstered jewellery demand. In the third quarter of 2023, gold demand was 210.2 tonnes. The value increased by 53% to $19.68 billion (Rs. 1,65,380 crore), while jewellery demand rose by 10% to 171.6 tonnes during the same period.

Looking ahead, the WGC expects full-year gold demand to be between 700 and 750 tonnes, slightly down from 761 tonnes in 2023. Upcoming festivals like Dhanteras and the wedding season are anticipated to boost demand. In Q3, total investment demand reached 76.7 tonnes, up 41% from last year, while gold imports surged by 87% to 360.2 tonnes. The Reserve Bank of India added 13 tonnes to its reserves, which now total 854 tonnes, a 6% increase from 2023.

Source: IBEF 

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