gold The price is at a record level, but there is not much difference in demand. According to the World Gold Council (WGC), India’s gold demand stood at 248.3 tonnes in the July-September quarter this year, an increase of 18 per cent. Demand for jewelry has improved as a result of the reduction in gold import duties. The total demand for gold in the same quarter last year was 210.2 tons. According to the report, gold prices are at an all-time high, so investors may be more inclined to expect a price drop. Full-year gold demand is likely to be in the range of 700 to 750 tonnes, slightly less than last year. There is also a possibility of the overall demand for gold increasing in view of Dhanteras and weddings. India’s gold demand in 2023 was 761 tonnes.
Dhanteras and Diwali increased demand
Gold prices in the national capital on Tuesday rose by Rs 300 to Rs 81,400 per 10 grams, an all-time high, amid strong demand for Dhanteras from jewelers and retailers. In value terms, gold demand rose 53 per cent to Rs 1,65,380 crore in the third quarter of this calendar year, compared to Rs 1,07,700 crore in the same period of 2023. The regional CEO of WGC (India), Sachin Jain, told PTI: “India’s gold demand in Q3 (July-September) 2024 was 248.3 tonnes, up 18 per cent year-on-year.” Jewelry demand improved due to a sharp cut in gold import duties in July. This was the third strongest quarter for gold since 2015. Demand increased 10 percent to 171.6 tonnes compared to 155.7 tonnes in the third quarter of 2023. While in July-September 2024, demand Global gold rose five percent to 1,313 tons, which is the highest in any third quarter. higher. According to the WGC’s gold demand trends report for the third quarter of 2024, global demand stood at 1,249.6 tons in the same period last year.
Demand increased due to the reduction of import duties.
“The third quarter (July-September) saw an increase in investment and over-the-counter activity, which boosted demand for gold globally and kept prices under pressure,” senior analyst Louise Street said in a statement. of WGC markets. , citing the report. There were also improvements. “While higher gold prices reduced demand in most consumer markets, import duty cuts in India significantly boosted demand for jewellery, bars and coins amid a record price environment.”
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