New Delhi, 5 February (IANS). Last year, investment in gold (in terms of price) in India increased by 60 percent to $ 18 billion or Rs 1.5 lakh crore. This is 60 percent more than 2023. This information was given in a report released on Wednesday.
The World Gold Council (WGC) report stated that the demand for gold for investment in India was 239 tonnes in 2024, which is the highest since 2013. This 2023 figure is 29 percent more than 185 tonnes.
The report said that 76 tonnes of gold has been purchased in India in the October-December quarter, which is the same as the July-September quarter figure.
The report said that gold was at 1,180 tonnes in the whole world last year and India stakes 239 tonnes or 20 percent.
Globally, the demand for gold has seen an increase of 25 percent on an annual basis. It was 945.5 tonnes in 2023.
The WGC said that the rising prices of gold like most other markets attracted investors to invest more. Demand was seen further in India after customs cuts in July.
The report said that the auspicious festivals of Dhanteras and Diwali in October-November promoted shopping during the last quarter. It was further promoted by offering small gold bars and coins for investing in large metros and offering “Super-Qual delivery by e-commerce platforms”.
The price of gold is running on its all-time high. According to the latest prices released on Wednesday by the India Bullion and Jewelers Association (IBJA), 10 grams of gold of 24 carats has increased by Rs 1,310 to Rs 84,320, which was Rs 83,010 per 10 grams yesterday.
The increase in the price of gold is the reason for the growing tariff war between the US-China.
-IANS
ABS/
