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India’s gold investment rose 60% in 2024 to ₹1.5 lakh crore, according to a World Gold Council report. Demand reached 239 tonnes, the highest since 2013, driven by rising prices, festive buying, and weaker stock market performance.
Investors Turn to Gold as Demand Jumps 239 Tonnes in 2024
New Delhi: Gold investment in India has seen a significant surge in 2024. According to a report by the World Gold Council (WGC), gold investment in the country has increased by 60% to reach $18 billion, or approximately ₹1.5 lakh crore. This increase is significantly higher than in 2023 and reflects changing investor preferences.
According to the report, gold investment demand in India in 2024 was 239 tonnes, the highest since 2013. This figure is 29% higher than the 185 tonnes in 2023. Globally, India's share was 20%, with total global demand recorded at 1,180 tonnes.
According to experts, the continued rise in gold prices was the main reason for this surge. Prices rose after the import duty reduction in July, boosting investor interest. Meanwhile, festivals like Dhanteras and Diwali in October-November also boosted gold purchases.
The report stated that gold purchases increased significantly in major cities. Demand for smaller gold bars and coins increased on e-commerce platforms, where features like 10-15-minute delivery are attracting investors.
The stock market performed relatively poorly in 2024, leading investors to prioritize gold as a safe-haven option. After reaching record highs in the third quarter of the year, the market declined, further increasing gold demand.
According to the report, investment in gold ETFs and mutual funds may expand further in the coming years. Globally, gold ETF holdings have also seen a gradual improvement.
Experts believe that global instability, interest rate changes, and improved gold returns attracted investors. This is why gold has emerged as one of the most reliable investment options in 2024.
