Mumbai : The price of gold is continuously skyrocketing, but still there does not seem to be any decrease in its demand. A report has revealed that India's gold demand has increased in the third quarter i.e. between the months of July and September. In this quarter, the demand for gold has increased by about 18 percent to 248.3 tonnes. The demand for jewelery has improved due to reduction in gold import duty.
The World Gold Council (WGC) on Wednesday presented the third quarter 2024 gold demand report. In the same quarter last year, the total demand for gold was 210.2 tonnes. According to the report, gold prices are at an all-time high, so investors may have an increased tendency to wait for the prices to fall. The demand for gold for the entire year is expected to be in the range of 700-750 tonnes, which is slightly less than last year. There is also a possibility of increase in the total demand for gold in view of Dhanteras and weddings.
at record high level
Let us tell you that India's gold demand in 2023 was 761 tonnes. Amid heavy Dhanteras demand from jewelers and retailers, the price of gold in the national capital on Tuesday rose by Rs 300 to Rs 81,400 per 10 grams, which is a record high level so far.
Huge cut in import duty
In terms of price, the demand for gold has increased by 53 percent to Rs 1,65,380 crore in the third quarter of this calendar year, whereas it was Rs 1,07,700 crore in the same period of 2023. WGC India's Regional Chief Executive Officer Sachin Jain told 'PTI-Bhasha' that India's gold demand in the third quarter of 2024 i.e. July-September has increased by 18 percent on an annual basis to 248.3 tonnes. The demand for jewelery improved due to the huge cut in gold import duty in July. This period was the strongest third quarter for gold since 2015. Demand increased by 10 percent to 171.6 tonnes compared to 155.7 tonnes in the third quarter of 2023.
Also read: India's middle class is drowning in debt for the sake of show off.
Highest in third quarter
At the same time, global gold demand has increased by 5 percent to 1,313 tonnes in July-September 2024, which is the highest in any third quarter. According to the WGC's gold demand trend report for the third quarter of 2024, global demand stood at 1,249.6 tonnes at the same time a year ago.
Demand for coins increased
WGC's senior market analyst Lewis Street, citing the report, said that the third quarter i.e. July-September saw an increase in investment and 'over-the-counter' activity, due to which the demand for gold increased at the global level and prices also increased. There was improvement. While higher gold prices dampened demand in most consumer markets, demand for jewelery and bars and coins increased significantly amid an environment of record-breaking prices driven by import duty cuts in India.
(with agency input)
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