Mumbai/New Delhi, 05 February (HS): The demand for gold in the country is increasing day by day. The demand for gold has increased by 5% year-on-year to 802.8 tonnes in 2024 due to reduction in import duty, wedding and festival-related purchases. Consumption of the yellow metal is expected to be between 700-800 tonnes in the year 2025.

According to the report released by the World Gold Council (WGC) on Wednesday, the demand for gold in India in 2024 was 802.8 tonnes, while in 2023 it was 761 tonnes. The total value of gold demand grew 31 per cent to Rs 5,15,390 crore in 2024 from Rs 3,92,000 crore in 2023.

According to the WGC’s Gold Demand Trends 2024 report, demand remained stable at 265.8 tonnes during the fourth quarter (October-December), which is similar to 266.2 tonnes in the same period of 2023. Jewellery demand declined by two per cent to 563.4 tonnes in 2024 from 575.8 tonnes in 2023. Gold imports declined by four per cent to 712.1 tonnes in 2024 as against 744 tonnes in 2023.

According to the report, globally, gold demand has remained largely stable in 2024. It stood at 4,974 tonnes, a marginal increase of one per cent compared to 2023. The main reason for this is the decline in demand for jewelery after high prices, weak economic growth and increasing global uncertainties. According to the WGC report, the total demand for gold globally in 2023 was 4,945.9 tonnes, which has increased to 4,974 tonnes in 2024.

It is worth mentioning that the price of gold reached record heights in 2024. A day earlier, the price of gold in the national capital rose by Rs 500 to Rs 85,800 per 10 grams amid strong demand from jewelers and retailers. This year gold rose by Rs 6,410 or 8.07 per cent to Rs 85,800 per 10 grams, which was Rs 79,390 per 10 grams on January 1.

Hindusthan Samachar / Jun Sarkar