Gold demand in India sees 5% rise at 802.8 tonnes in 2024, 2025 projection at 700-800 tonnes: WGC
The Hindu
Gold demand in India rose 5% in 2024 to 802.8 tonnes, with 2025 consumption expected between 700-800 tonnes.
Gold demand in India witnessed a 5% on-year rise at 802.8 tonnes in 2024 supported by reduction in import duty, and purchases related to weddings and festivals, and going ahead consumption of the yellow metal in 2025 is likely to be between 700-800 tonnes, according to the World Gold Council.
The World Gold Council (WGC) in a report on Wednesday (Jan. 5, 2025) said gold demand in the country in 2024 stood at 802.8 tonnes, as against 761 tonnes in 2023.
The total gold demand value went up by 31% at ₹5,15,390 crore in 2024, compared to ₹3,92,000 crores in 2023.
“Our outlook for 2025, gold demand is between 700-800 tonnes. It is expected that gold jewellery demand will recover due to wedding-related purchases, provided there is some level of price stability,” WGC Regional CEO, India, Sachin Jain told PTI.
It is pertinent to mention here that the gold price touched multiple record highs over the past year.
According to the All India Sarafa Association, gold prices extended the rally for the fifth straight session and rose ₹500 to hit a fresh peak of ₹85,800 per 10 grams in the national capital on Tuesday (Jan. 4, 2025) amid robust demand from jewellers and retailers.
In this year, gold has surged ₹6,410 or 8.07% to ₹85,800 per 10 grams from ₹79,390 per 10 grams on January 1.
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