Indians bought gold worth more than Rs 5.15 lakh crore, demand will decrease in 2025
New Delhi| The demand for gold in the country increased by five per cent year-on-year to 802.8 tones in 2024 due to import duty cuts and purchases related to weddings and festivals. In 2023, it was 761 tons. In value terms, Indians bought gold worth Rs 5,15,390 crore last year, which is 31 per cent more than Rs 3,92,000 crore in 2023. However, in 2025, the demand for gold may decrease to 700-800 tones. Indians bought 563.4 tones of gold jewellery worth a total of Rs 3,61,690 crore in 2024, according to a World Gold Council (WGC) report released on Wednesday. In value terms, it is 22 percent higher than in 2023, while in volume terms demand has decreased by two percent.
Investment demand for gold increased by 29 percent last year compared to 2023, reaching 239.4 tones. In value terms, Indians bought 1,53,700 crore in gold just for investment, up 61 per cent year-on-year. However, gold imports declined by four percent to 712.1 tones, up from 744 tones in 2023.
In fourth quarter…Demand remained stable
Gold demand remained stable at 265.8 tones in the fourth quarter (October – December) of 2024. In value terms, gold demand increased by 37 per cent year-on-year to Rs 1,92,080 crore. Demand for gold jewellery declined by 5 per cent to 189.8 tonnes in the fourth quarter. In value terms, however, Indians bought jewellery worth 1,37,140 crore, up 30% from the same period in 2023.
Prices increased by Rs 6,410 this year
The price of gold has increased by Rs 6,410 this year. On January 1, the price was Rs 79,390 per 10 grams, which has increased to Rs 85,800.
RBI is at third place in purchasing
According to the report, central banks around the world bought more than 1,000 tones of gold for the third consecutive year due to global economic uncertainties and increased risks from stress in many countries. These banks bought 1,044.6 tones of gold in 2024 and 1,050.8 tones in 2023. In 2022, purchases had still been over 1,000 tons. Last year, RBI stood third in terms of gold purchases after National Bank of Poland and Central Bank of Turkey. The special thing is that central banks around the world have been net buyers of gold for 15 years in a row. The National Bank of Poland tops the list with 90 tones of gold purchased. The Central Bank of Turkiye is in second place with 75 tons.
RBI is in third place with 73 tones and People’s Bank of China is in fourth place with 44 tones.
Central banks bought the highest amount of gold in the fourth quarter of 2024, at 333 tons, fearing a trade war would break out after global uncertainty escalated and Donald Trump announced the imposition of tariffs. In the first three quarters of 2024, central banks had purchased 712 tones of gold.
