The demand for gold in the country surged 18 per cent to 248.3 tonnes in the July-September 2024, compared to 210.2 tonnes in the same period of the last year. Total gold demand from January to September 2024 stood at 537 tonnes, a rise of 8.6 per cent in tonnage compared to 494.6 tonnes in the same period in 2023, according to a report by the World Gold Council (WGC).
The value of gold purchased during the three month period ended September 2024 (Q3 2024) grew 53 per cent to Rs 1.65 lakh crore, as against Rs 1.07 lakh crore worth of gold bought during Q3 2023. The consumption of gold jewellery in the country increased by 10 per cent to 171.6 tonnes in July-September 2024 as compared to 155.7 tonnes in Q3 2023. The value of jewellery demand was Rs 1.14 crore, up by 43 per cent from Rs 79,830 crore recorded in Q3 2023.
“The cut in India’s gold import duties in July sparked a revival in gold jewellery demand, which posted its strongest third quarter (of 2024) since 2015. Momentum in consumer demand picked up sharply in late July and remained strong until the mid-September arrival of the inauspicious Shradh period,” the WGC report said.
