Top

India consumed 802 tonnes of gold in 2024

India’s gold demand rose 5% to 802.8 tonnes in 2024, with investment demand up 29% and global demand hitting a record high

Chennai: Gold demand in India grew 5 per cent to 802.8 tonnes in 2024, crossing 800 tonnes after a gap of nine years as the country spent Rs 5.15 lakh crore on the yellow metal, while global demand hit a record high of 4974 tonnes. Investment demand in India grew 29 per cent, while jewellery demand slid 2 per cent.

In 2024, gold demand grew 5 per cent from 761 tonnes in 2023 to 802.8 tonnes in 2024. India’s gold demand crossed 800 tonnes in 2015 at 858.1 tonnes. However, in the December quarter, gold demand was similar to 2023 at 265.8 tonnes. Gold demand in value terms grew 31 per cent to Rs 515,390 crore against Rs 3,92,000 crore in 2023.

Jewellery demand dropped 2 per cent to 563.4 tonnes while investment demand was down by 29 per cent to 239.4 tonnes. In Q4, jewellery demand was down 5 per cent to 189.8 tonnes and investment demand was down 14 per cent to 76 tonnes.

Recycling decreased by 2 per cent in 2024 to 114.3 tonnes. Imports declined 4 per cent to 712.1 tonnes, compared to 744 tonnes in 2023. In Q4, imports were down by 1 per cent to 223.1 tonnes.

Globally, gold demand hit a new record high of 4,974 tonnes, driven by strong, sustained central bank buying and growth in investment demand. In value terms, demand too made a fresh high of $382 billion as central banks bought 1045 tonnes, crossing 1000 tonnes for the third year in a row. Global investment demand increased 25 per cent to 1,180 tonnes, a four-year high.

WGC expects gold demand in 2025 to be between 700-800 tonnes. “It is expected that gold jewellery demand will recover due to wedding-related purchases, provided there is some level of price stability. Additionally, it is anticipated that the trend of robust gold investment demand will continue, with retail investors showing growing interest in gold ETFs, digital gold, and coins and bars,” said Sachin Jain, Regional CEO, India, WGC.


( Source : Deccan Chronicle )
Next Story