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
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