As per the latest report from the World Gold Council, India beat China and emerged as the world’s biggest buyer of gold jewellery in 2024. In the previous year, India’s jewellery consumption stood at 563.4 tons, but China’s was 511.4 tons, 52 tons less.
The report from the World Gold Council highlights that the Indian gold market benefitted by recovering the economy. This trend is expected to continue in upcoming years with sustained demand.
India’s gold demand reached 802.8 tons in 2024, up from 761 tons in 2023, a 5% year-on-year rise. This demand growth was driven by higher jewellery consumption and a surge in investment demand as buyers and investors capitalised on rising prices.
Investment demand for gold witnessed a sharp increase to 240 tons in 2024, up 55 tons from 185 tons in 2023. However, imports of gold decreased to 712.1 tons in 2024, approximately 32 tons less than 744 tons in 2023. This suggests increased reliance on recycled gold and domestic supply.
The gold price rose 28% in 2024 and has already gained 11% even when it’s just the start of 2025; this means investors would be interested in betting on further gains with advanced gold trading insights for benefits. This surge is fuelled by geopolitical uncertainties, central bank purchases, and expectations of easing monetary policy.
On Wednesday, February 5, 2025, gold prices hit an all-time high, touching Rs 8432 per gram, a noticeable increase from 8304 on February 4, 2025. This is due to retaliatory tariffs from China on US imports, which have led to trade war tensions and promoted investor demand for safe-haven assets.
