India's gold demand to rise in 2024 despite subdued March quarter: World Gold Council

India's yearly gold demand is forecasted to climb as consumers adapt to higher prices, but the demand is projected to remain subdued in Q1 2024 due to decreased jewellery sales, as stated by the World Gold Council (WGC) on January 31, 2024. This could bolster prices, currently near record highs, while heightened imports may widen India's trade deficit and pressure the Rupee. Over the past five years, India's gold demand has hovered between 700 and 800 metric tons but is expected to surpass this range and reach between 800 and 900 tons in 2024, according to Mr. Somasundaram P.R., CEO of WGC's Indian operations. Despite a 3% decline in 2023, Indian gold demand is anticipated to rebound amid robust economic growth and price adjustments.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.