India Gold Demand: Festive season is going on in India at this time and huge purchases of gold are being seen. Today, 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 the reduction in gold import duty, there has been an improvement in the demand for jewelry and jewelery and gold demand has increased. In the same quarter last year, the total demand for gold was 210.2 tonnes.
Biggest jump in global gold demand
Global gold demand grew by 5 per cent to 1,313 tonnes in July-September 2024, the highest level in any third quarter. According to the WGC's Gold Demand Trends report for the third quarter of 2024, global demand was 1249.6 tonnes in the same period a year ago.
Gold prices at all-time high
According to the report, the gold rate i.e. gold prices are at an all-time high, so investors may have a tendency to wait for the price drop. The demand for gold for the whole year is likely to remain in the range of 700-750 tonnes, which is slightly less than last year. The total demand for gold is also likely to increase in view of Dhanteras and weddings. India's gold demand was 761 tonnes in 2023.
Prices are expensive due to heavy demand on Dhanteras
Gold prices in the national capital rose by Rs 300 to Rs 81,400 per 10 grams, an all-time high, amid heavy demand for Dhanteras from jewelers and retail shopkeepers. In terms of value, gold demand grew 53 per cent to Rs 1,65,380 crore in the third quarter of this calendar year, as against Rs 1,07,700 crore in the same period of 2023.
Gold demand increased by 18 percent on an annual basis
India's gold demand in the third quarter of 2024 (July-September) stood at 248.3 tonnes, up 18 per cent year-on-year. The sharp cut in gold import duty in July led to an improvement in demand for jewellery. This was the strongest third quarter for gold since 2015. Demand rose 10 per cent to 171.6 tonnes compared to 155.7 tonnes in the third quarter of 2023.
Citing the report, WGC's senior market analyst Lewis Street 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 improved prices. Although the high price of gold reduced demand in most consumer markets, the reduction in import duty in India has significantly increased the demand for jewelry and bars and coins amid record-breaking price environment.
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