India There is a tremendous attraction towards gold in India. Along with women, many men are also seen to be crazy about gold. However, the high price of gold has spoiled everyone’s mood. Let us tell you that the demand for gold in India in the April-June quarter fell by five percent to 149.7 tonnes due to record high prices. This was revealed in a report. According to the ‘Second Quarter 2024 Gold Demand Trends’ report of the World Gold Council (WGC), the demand for gold in the same quarter in 2023 was 158.1 tonnes, which fell to 149.7 tonnes in 2024.
Gold purchase worth Rs 93,850 crore
However, in value terms, gold demand grew 17 per cent to Rs 93,850 crore in the second quarter as against Rs 82,530 crore in the same period last year. Prices skyrocketed in the April-June quarter and the price of 24-carat gold crossed Rs 74,000 per 10 grams. In US dollar terms, the average price of gold stood at US$ 2,338.2 in the April-June period as against US$ 1,975.9 in the same period of 2023. In rupee terms, the average price in the quarter stood at Rs 62,700.5 as against Rs 52,191.6 (excluding import duty and GST) in the same period last year, the WGC said.
5% less than last year
Sachin Jain, regional chief executive officer (CEO) of WGC, said, “India’s gold demand declined to 149.7 tonnes in the second quarter of 2024, down five per cent from last year. This may be due to record high gold prices, which are affecting affordability and slowing consumer purchases. However, the overall value of demand remained strong, rising 14 per cent.”
Total jewellery demand fell by 17 per cent
Further, the report said that total jewellery demand in India declined by 17 per cent to 106.5 tonnes in the quarter under review as against 128.6 tonnes in the same period last year. Total investment demand in the second quarter rose by 46 per cent to 43.1 tonnes as against 29.5 tonnes in the same period last year. Total gold imports in India rose by eight per cent to 196.9 tonnes in the April-June quarter as against 182.3 tonnes in the same period last year.
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