Delhi- During the festival there has been a lot of gold and silver shopping in the country. But new information about Indian gold and silver appears in a report. We tell you that in the three months from July to September 2024, the Indians bought 248.3 tons of gold. Which is 51 percent more than the 165 tons purchased by the Chinese during this period.
According to the latest data from the World Gold Council, Indians mainly bought gold in the form of coins and bars. Furthermore, in July-September, India’s yellow metal demand increased by 18 percent year-on-year.
The increase in demand for gold is mainly due to the reduction in imports of the yellow metal from 15 to 6 percent. This was announced by Finance Minister Nirmala Sitharaman during her Union Budget 2024-25 speech on July 23.
Additionally, there have also been attempts at revenge, where consumers suddenly increase purchases of an item because they have been deprived of the opportunity for a long period of time.
Through a report, Sachin Jain, regional executive director of the World Gold Council, was quoted as saying: “Due to demand for Dhanteras and marriage, demand for gold in India remains strong in the fourth quarter.” . “Although the impact of the tax cut is being mitigated by the continued rise in gold prices, we can see a tendency among investors to wait for falling prices as this is an opportunity to increase their holdings.
Sachin Jain also said consumer demand recovered in late July and remained strong till mid-September. He said: “Investment demand increased by 41 per cent.
