India's Golden Surge: Record Demand and Duty Impact
India's gold demand grew by 18% year-on-year in Q3 2024, reaching 248.3 tonnes, with a sharp import duty reduction reviving jewellery interest. Gold prices are at record highs, deterring some investors. Full-year demand is projected at 700-750 tonnes. Jewellery and investment demand showed significant increases.
- Country:
- India
India witnessed a remarkable surge in gold demand, climbing by 18% year-on-year to 248.3 tonnes in the July-September quarter, as reported by the World Gold Council (WGC). The catalyst behind this upward trend was a reduction in gold import duty, sparking renewed interest in jewellery purchases.
Comparatively, the previous year's demand stood at 210.2 tonnes. Despite the current record-high prices, the full-year demand is anticipated to range between 700 and 750 tonnes, slightly under last year's figures but bolstered by the festive and wedding seasons.
Jewellery demand rose by 10% to 171.6 tonnes, marking the strongest Q3 since 2015. Investment demand soared by 41% to 76.7 tonnes. Meanwhile, gold imports shot up by 87% in Q3 2024, as the Reserve Bank of India continued its gold acquisition streak, increasing reserves to 854 tonnes.
(With inputs from agencies.)
- READ MORE ON:
- India
- gold
- demand
- jewellery
- investment
- import duty
- RBI
- prices
- Dhanteras
- wedding season
ALSO READ
Youthful Shift: The Rise in Direct Stock Investment Among Young Indians
Limpopo Secures R120 Billion in Investment Pledges to Fuel Job Creation and Sustainable Development
RBI Unveils New Framework for FPI to FDI Reclassification
Exploring Nine Decades of the RBI: A New Web Series by Star India
Finance Minister Nirmala Sitharaman Engages with AIIB for Strategic Investments in India