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India's Gold Demand Rises Despite Historic High Prices
- 30 Apr 2024
On 30th April, 2024, India's gold demand witnessed an 8% annual increase to 136.6 tonnes in the March quarter, driven by a robust economic environment and aggressive buying by the Reserve Bank of India (RBI), according to the World Gold Council (WGC).
Key Points
- Gold Demand Growth: Despite historic high prices, India's gold demand surged, with total demand, including jewellery and investment, reaching 136.6 tonnes in January-March 2024, up from 126.3 tonnes in the same period last year.
- Jewellery Demand: Jewellery demand rose by 4% to 95.5 tonnes, while investment demand grew significantly by 19% to 41.1 tonnes.
- Economic Support: Regional CEO of WGC India attributed the rise in gold demand to India's strong macroeconomic environment, despite March's historic high gold prices causing a sales slowdown.
- Outlook: CEO of WGC India expects India's gold demand for the year to be between 700-800 tonnes, with potential variations depending on price trends.
- Factors Driving Demand: CEO of WGC India highlighted a reversal in market behaviour, with Indian and Chinese markets responding to increasing gold prices.
- Continued RBI Buying: The RBI purchased 19 tonnes of gold in the first quarter of 2024, following its acquisition of 16 tonnes throughout 2023, signalling continued interest in gold acquisitions.
- Import and Recycle Trends: Total gold imports in Q1 2024 increased by 25%, while gold recycling rose by 10% compared to the previous year.
- Price Trends: The average quarterly price in Q1 2024 was Rs 55,247.20 per 10 grams, reflecting an increase from Q1 2023.
- Investment Trends: Positive inflows into gold ETFs and increased demand for gold bars and coins contributed to overall demand growth in Q1 2024.
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