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The price of gold is at a record high but there is not much difference visible on the demand. According to the World Gold Council (WGC), India’s gold demand stood at 248.3 tonnes in the July-September quarter this year, up 18 per cent. Jewelery demand has improved as a result of reduction in gold import duty. The total demand for gold in the same quarter last year 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 a fall in prices. Gold demand for the entire year is likely 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. 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 record high, amid heavy Dhanteras demand from jewelers and retailers. In value terms, gold demand increased by 53 percent 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. WGC Regional Chief Executive Officer (India) Sachin Jain told PTI, “India’s gold demand in the third quarter (July-September) of 2024 stood at 248.3 tonnes, an increase of 18 per cent year-on-year. Demand for jewelery improved due to a sharp cut in gold import duty in July. This was the strongest third quarter for gold since 2015. Demand increased by 10 percent to 171.6 tons compared to 155.7 tons in the third quarter of 2023.” Whereas in July-September 2024, global gold demand increased by five percent to 1,313 tons, which is the highest in any third quarter. Is the highest. According to the WGC’s gold demand trend report for the third quarter of 2024, global demand stood at 1,249.6 tonnes in the same period a year ago.
Demand increased due to reduction in import duty
“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,” Louise Street, senior markets analyst at WGC, said in a statement, citing the report. There was also improvement. “While higher gold prices dampened demand across most consumer markets, import duty cuts in India significantly boosted demand for jewelery and bars and coins amid a record-breaking price environment.”
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