India’s gold demand witnessed an 18 per cent on-year growth during the July-September quarter of this year to 248.3 tonnes, as the reduction in gold import duty resulted in a revival in jewellery demand, the World Gold Council (WGC) said in a report on Wednesday.
The overall gold demand during the corresponding quarter of last year stood at 210.2 tonnes, according to the WGC’s Q3 2024 Gold Demand Trends report.
However, with gold prices ruling at all-time highs, there might be an increased trend for investors to wait for price corrections. The full-year gold demand is likely to be in the range of 700-750 tonnes, slightly less than last year, as Dhanteras and wedding season is likely to boost overall gold demand.
In 2023, India’s gold demand stood at 761 tonnes.
On Tuesday, gold price rose by Rs 300 to Rs 81,400 per 10 grams, near its record high level, in the national capital due to heavy demand for Dhanteras by jewellers and retailers.
In terms of value, gold demand went up by 53
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