India’s Gold Rush: A Record-Breaking Year
India saw a huge increase in gold demand in 2024. The country’s love for gold is well-known, and last year proved it once again. According to a recent report, India’s gold demand jumped by 5%, reaching a total of 802.8 tonnes. This is up from 761 tonnes in 2023. This growth beat the global average, which only saw a 1% rise.
Investment in Gold Soars
What’s really interesting is how much more Indians invested in gold. Investment in gold jumped a massive 60% to a whopping Rs 1.5 lakh crore! That’s a record high since 2013. Globally, gold investment also saw a surge, increasing by 25%. This clearly shows that many people see gold as a safe and reliable investment, especially during uncertain times.
Jewellery Demand Holds Steady
While investment in gold went up, the demand for gold jewellery saw a slight dip. It dropped by 2% to 563.4 tonnes in 2024 compared to 575.8 tonnes in 2023. However, experts say this is still very strong considering that gold prices hit record highs last year. A government tax cut in July also helped boost sales later in the year. This shows that even with higher prices, Indians still want to buy gold jewellery, especially for important occasions like weddings.
Global Gold Market Analysis
The global demand for gold also reached a new high in 2024, hitting 4,974.5 tonnes. While this was only a small increase from 2023, it still shows the continued importance of gold in the [[global market]]. This [[latest business news]] highlights the strong position of gold as a safe investment, even as prices continue to fluctuate.
Looking Ahead: 2025 Predictions
Experts predict that India’s gold demand will stay strong in 2025, though maybe not at the record levels of 2024. They expect the demand to be between 700 and 800 tonnes. The main driver will be wedding-related purchases, but it will depend on how stable gold prices are. If prices remain relatively stable, we can expect good growth in the jewellery sector.
Price Fluctuations and Market Impact
Gold prices themselves have been on a rollercoaster ride recently. At one point, the price hit a record high of Rs 85,800 per 10 grams. This surge in price is partly due to strong demand, but it also reflects broader economic trends and [[global market]] uncertainty. This price increase shows the ongoing value that many people place on gold as a secure asset. This [[breaking news]] will certainly impact the market in 2025.
Conclusion: Gold Remains King
In short, 2024 was a remarkable year for gold in India. Despite price fluctuations, the demand for gold as both an investment and for jewellery remained strong. The overall positive sentiment surrounding gold investment and jewelry demand positions it to continue to be a significant driver in the Indian economy. It is clear that gold continues to be a beloved and valuable asset for many Indians. The Indian gold [[market]] continues to be a big part of the global gold market.