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India's gold demand in the first quarter of 2024 rose 8% from a year earlier to 136.6 tonnes, the World Gold Council (WGC) said.
Sachin Jain, managing director of the WGC's India operations, told Reuters that India's gold demand could be between 700 and 800 tonnes in 2024, down from the WGC's previous estimate of 800 to 900 tonnes. The figure could fall closer to 700 tonnes if prices continue to rise. India's gold consumption in 2023 is expected to fall 1.7% from a year earlier to 761 tonnes.
In India, the world’s second-largest gold consumer after China, gold prices hit a record high this month of 73,958 rupees ($885.72) per 10 grams. Prices have risen more than 13% this year, after rising more than 10% in 2023.
Buying gold is a long-standing tradition associated with celebrations and festivals in India. However, demand for gold has declined in recent times due to high prices. Demand is expected to improve during the upcoming Akshaya Tritiya festival, one of the most important and biggest gold-buying festivals in India.
The Reserve Bank of India (RBI, the central bank)'s gold reserves increased by 19 tonnes in the first quarter of 2024, surpassing last year's net purchase of 16 tonnes, the WGC said.
