India Gold Demand: The festive season is currently going on in India and huge buying of gold is being seen. Today itself the World Gold Council (WGC) has presented the Gold Demand Trends Report for the third quarter of 2024. India’s gold demand increased by 18 percent to 248.3 tonnes in the July-September quarter this year. Due to reduction in gold import duty, there has been an improvement in the demand for jewelery and gold demand has increased. In the same quarter last year, the total demand for gold was 210.2 tonnes.
Highest jump in global gold demand
Global gold demand increased by five percent to 1,313 tonnes in July-September 2024, the highest level in any third quarter. According to WGC’s Gold Demand Trends Report for the third quarter of 2024, global demand in the same period a year ago was 1249.6 tonnes.
Gold prices at all-time high
According to the report, the gold rate i.e. the prices of gold is at an all-time high, hence the tendency among investors to wait for the fall in prices may increase. The demand for gold throughout the year is likely to be in the range of 700-750 tonnes, which is slightly less than last year. There is also a possibility of increase in the total demand for gold in view of Dhanteras and weddings. India’s gold demand in 2023 was 761 tonnes.
Prices rise amid huge demand for Dhanteras
Amid heavy Dhanteras demand from jewelers and retail shopkeepers, the price of gold in the national capital rose by Rs 300 to Rs 81,400 per 10 grams, which is an all-time record high. In value terms, the demand for gold increased by 53 percent to Rs 1,65,380 crore in the third quarter of this calendar year, whereas it was Rs 1,07,700 crore in the same period of 2023.
Gold demand increased by 18 percent on annual basis
India’s gold demand in the third quarter (July-September) of 2024 stood at 248.3 tonnes, an increase of 18 percent on an annual basis. Demand for jewelery improved due to huge cut in gold import duty in July. This was the strongest third quarter for gold since 2015. Demand has increased by 10 percent to 171.6 tonnes as compared to 155.7 tonnes in the third quarter of 2023.
Citing the report, Lewis Street, senior market analyst at WGC, said that the third quarter (July-September) saw an increase in investment and ‘over-the-counter’ activity, which increased the demand for gold globally and also increased prices. There was improvement. Although higher gold prices dampened demand in most consumer markets, demand for jewelery and bars and coins has increased significantly amid an environment of record-breaking prices driven by import duty cuts in India.
read this also
RBI Gold: On Dhanteras, RBI showered gold on India, gold reserves reached 855 tonnes.
