September 3, 2024: If you’re considering investing in or purchasing gold, now might be a good time. The demand for gold in India is expected to rise in the coming months, potentially causing an increase in gold prices due to the festive season.
The World Gold Council (WGC) has projected that gold consumption in India will increase this year compared to last year. According to the WGC, a reduction in import duties and improved monsoon conditions are expected to drive up gold demand. John Reed, a market strategist for the World Gold Council, forecasts that gold consumption in India will reach 850 tons this year. Notably, increased demand for jewelry will contribute to this rise.
Increased Demand During Festive Season
John Reed mentioned that gold demand in India during the July-September quarter reached 230 tons, which is 10% higher compared to the same period last year. The fourth quarter is also expected to see strong gold demand, particularly during Diwali and Dhanteras.
Significant Price Changes Expected in November
Reed stated, “Significant changes in gold prices could occur in early November due to the U.S. presidential elections.” Since India relies entirely on imports for its gold supply, fluctuations in international prices will impact domestic gold prices.
