India Gold Demand: The love for gold in India is well known. Due to India's demand for gold and international reasons, the price of gold in the country crossed the historical level of Rs 75,000. However, after that there is a correction in the prices of 10 grams of gold. Despite gold being at its highest level, the purchase of gold has not decreased in the country. Gold's data is pointing in this direction. According to World Gold Council data, despite gold prices reaching historic highs, gold prices have increased by eight percent year-on-year to 136.6 tonnes in the January-March quarter on the back of a strong economic environment.
Gold price reached its peak
The purchase of gold by the Reserve Bank of India (RBI) has also increased the demand. In January-March this year, gold demand in India increased by 20 percent on an annual basis to Rs 75,470 crore. The reason for this is the increase in quantity as well as the 11 percent increase in quarterly average prices.
Demand for gold increased
World Gold Council (WGC) released the annual report 'Gold Demand Trends Q1 2024'. According to this, India's total gold demand, which includes both jewelery and investment, increased to 136.6 tonnes in January-March this year. Last year, during the same period, this demand was 126.3 tonnes. Of the total gold demand in India, the demand for jewelery increased by four percent to 95.5 tonnes. Total investment demand (bars, coins, etc.) increased by 19 percent to 41.1 tonnes.
Demand did not decrease even after the rise in gold prices
Sachin Jain, WGC's regional CEO in India, said the increase in demand for gold speaks volumes about the depth of Indians' relationship with gold. Gold prices in India have reached their historical high in March but despite this there has been no decline in gold sales. Jain expects the demand for gold in India this year to be around 700-800 tonnes. He said that if prices continue to rise, demand may be at the lower end of this range. The demand for gold in the country in 2023 was 747.5 tonnes.
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