New Delhi: Gold investments in India saw a significant surge in 2024 with a rise of 60 per cent in value terms to reach $18 billion (approximately Rs 1.5 lakh crore) compared to 2023, according to a report.
The World Gold Council (WGC) report further added that gold investment demand stood at 239 tons, marking its highest level since 2013. This was a 29 per cent increase from the 185 tonnes recorded in 2023.
The yellow metal investment remained strong in the October-December quarter, with demand reaching 76 tons, nearly matching the previous quarter’s performance, the report said.
At 239 tons, the country's gold investment accounted for 20 per cent of the global demand in this category, which stood at 1,180 tons in 2024. The worldwide demand also grew by 25 per cent compared to 945.5 tons in 2023.
According to the WGC report, the primary reason behind the surge was the steady rise in gold prices throughout the year. Following a reduction in import duty in July, prices quickly began to climb again.
A correction in November attracted investors looking for an opportunity to buy at lower prices. Additionally, the festive season of Dhanteras and Diwali in October and November played a key role in boosting gold purchases.
The demand for gold is likely to expand to include gold exchange-traded funds (ETFs) and mutual funds, the report said.
Gold prices in India have surged to an all-time high at Rs 8,432 per gram with an increase of Rs 1,322 as compared to Rs 8,310 on February 4, supported by safe-haven buying amid global uncertainties. In Delhi, 24-carat gold was priced at Rs 85,383 per 10 grams, while in Chennai, it was Rs 85,231 per 10 grams.
US gold futures remained steady at $2,876.10 per ounce. Spot silver also gained 0.2 per cent at $32.15 per ounce.
