Chandigarh, February 06 (Punjab Khabarnama Bureau): Gold demand in India witnessed a 5 per cent on-year rise at 802.8 tonnes in 2024 supported by reduction in import duty, and purchases related to weddings and festivals, and going ahead consumption of the yellow metal in 2025 is likely to be between 700-800 tonnes, according to the the World Gold Council.
The World Gold Council (WGC) in a report on Wednesday said gold demand in the country in 2024 stood at 802.8 tonnes, as against 761 tonnes in 2023. The total gold demand value went up by 31 per cent at Rs 5,15,390 crore in 2024, compared to Rs 3,92,000 crores in 2023.
“Our outlook for 2025, gold demand is between 700-800 tonnes. It is expected that gold jewellery demand will recover due to geopolitical cues and wedding-related purchases on the domestic front, provided there is some level of price stability,” WGC Regional CEO, India, Sachin Jain told media.
It is pertinent to mention here that the gold price touched multiple record highs over the past year.
According to the All India Sarafa Association, gold prices extended the rally for the fifth straight session and rose Rs 500 to hit a fresh peak of Rs 85,800 per 10g in the national capital on Tuesday amid robust demand from jewellers and retailers.
In this year, gold has surged Rs 6,410 or 8.07 per cent to Rs 85,800 per 10g from Rs 79,390 per 10g on January 1.
The WGC’s 2024 report stated that during the fourth quarter demand was flat at 265.8 tonnes, which is similar to 266.2 tonnes in the same period of 2023.
Summary: As geopolitical tensions rise, gold demand in India increased by 5% in 2024, reaching 802.8 tonnes. This trend is expected to continue as investors seek safe-haven assets amidst ongoing uncertainty. Title: Record Gold Demand Driven by Geopolitical Instability