Strong gold growth of 29% show investment trend!
The value of gold demand during 2024 increased by 22% Sachin Jain, Regional CEO, India, World Gold Council said, in 2024, India's total gold demand was 802.8 tonnes in 2024, a 5% increase from 761 tonnes in 2023. This was facilitated by multiple record-high gold prices, a reduction in import duty, investment demand, and purchases related to weddings and festivals. The total jewellery demand, in terms of volume, decreased by 2% to 563.4 tonnes in 2024 from 575.8 tonnes in 2023, despite the gold price reaching multiple record highs. This indicates the resilience of gold jewellery demand in India and highlights the effect of the duty cut in July as well as India's stronger economic growth compared to many other markets. Many consumers purchased gold jewellery in late Q3 when the duty cut mitigated much of the recent price increase. Nonetheless, the value of gold demand during 2024 increased by 22%, illustrating the ongoing demand for gold. Tota...