Duty cut boosts India's gold demand to 248.3 tonne, up 18% in Q3: WGC
India's gold demand experienced an 18% YoY growth of 2024, reaching 248.3 tonnes, driven by a reduction in gold import duty that revitalised jewellery demand, according to a report by the World Gold Council (WGC). In the same quarter of 2023, gold demand was recorded at 210.2 tonnes.
The demand in value terms surged by 53% to US$ 19.68 billion (Rs. 1,65,380 crore) during this period. Total jewellery demand rose by 10% to 171.6 tonnes, compared to 155.7 tonnes in Q3 2023. The WGC noted that momentum in consumer demand picked up significantly from late.
Looking ahead, the WGC anticipates full-year gold demand to range between 700-750 tonnes, slightly lower than the 761 tonnes recorded in 2023, with upcoming festivals like Dhanteras and the wedding season expected to boost overall demand.
Total investment demand for the quarter stood at 76.7 tonnes, marking a 41% increase from 54.5 tonnes in the same period last year. Additionally, gold imports surged by 87% to 360.2 tonnes compared to 193 tonnes in Q3.
The Reserve Bank of India continued its gold purchases, adding 13 tonnes to its reserves in Q3 2024, increasing the total reserves to 854 tonnes, 6% higher than at the end.
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