Gold Prices In 2024 : In the year 2024, due to the increase in demand and global tension, the price of gold has reached the sky. But the rise in prices is expected to affect the demand for gold. The World Gold Council has said that due to the record jump in gold prices, the demand for gold in India in the year 2024 is going to be the lowest in the last four years. 

Demand for gold will remain low

Due to the sharp rise in gold prices, there may be a decrease in demand in this festive season. In terms of volume, the demand for gold will be low this festive season. Sachin Jain, CEO of the World Gold Council, said, the demand for gold in India is estimated to be 700 to 750 tonnes in 2024, which is the lowest since 2020. Last year in 2023, 761 tonnes of gold demand was seen. Sachin Jain said, after the import duty on gold was reduced from 15 per cent to 6 per cent in the budget presented in July this year, there was a sharp decline in gold prices in the local bullion market. People took advantage of this opportunity and people bought gold in advance. He said, gold buyers are waiting for the prices to stabilize.  

Gold price increased by 26 percent in 2024

On Wednesday, October 30, 2024, the price of gold has reached Rs 79,700 per 10 grams. Gold prices have increased by 26 percent in the year 2024, while in 2023 the prices had increased by 10 percent. According to the World Gold Council, a total of 248.3 tonnes of gold was consumed in India in the July-September quarter. In which investment demand has increased by 41 percent and jewelry demand has increased by 10 percent in this quarter. 

Increased investment in Gold ETF 

According to the World Gold Council, in September, there has been a jump in investment in Gold ETF for the sixth consecutive month and the holding has increased from 43.3 tonnes in January to 52.6 tonnes. According to the report of Zerodha Fund House, the number of Gold ETF folios has increased 7.5 times in the last four years. In September 2020, the number of Gold ETF folios was 7.59 lakh, which has increased to 57.1 lakh in September 2024.