New Delhi, February 5: India's gold investments saw a remarkable increase in 2024, rising by 60% in value to approximately Rs 1.5 lakh crore ($18 billion), compared to 2023, according to a report released on Wednesday.
The World Gold Council (WGC) revealed that the total demand for gold investment in India reached 239 tonnes, marking the highest level since 2013. This represents a 29% increase from the 185 tonnes recorded in 2023.
Investment in gold remained strong during the October-December quarter, with demand hitting 76 tonnes, nearly mirroring the demand from the previous quarter.
At 239 tonnes, India’s gold investment made up 20% of the global demand for gold, which totaled 1,180 tonnes in 2024. Global demand saw a 25% rise from 945.5 tonnes in 2023.
The WGC attributed the surge in gold investments to the steady rise in gold prices throughout the year. After a reduction in import duty in July, gold prices started climbing, and a price correction in November encouraged buyers to invest at lower prices. Additionally, the festive period of Dhanteras and Diwali in October and November played a significant role in boosting gold purchases.
