Domestic gold investments surge 60 pc to Rs 1.5 lakh crore in 2024: Report

Gold investments successful India saw a important surge successful 2024 with a emergence of 60 per cent successful worth presumption to scope $18 cardinal (approximately Rs 1.5 lakh crore) compared to 2023, according to a study connected Wednesday.

The World Gold Council (WGC) study further added that golden concern request stood astatine 239 tonnes, marking its highest level since 2013. This was a 29 per cent summation from the 185 tonnes recorded successful 2023.

The yellowish metallic concern remained beardown successful the October-December quarter, with request reaching 76 tonnes, astir matching the erstwhile quarter's performance, the study said.

At 239 tonnes, the country's golden concern accounted for 20 per cent of the planetary request successful this category, which stood astatine 1,180 tonnes successful 2024.

The worldwide request besides grew by 25 per cent compared to 945.5 tonnes successful 2023.

According to the WGC report, the superior crushed down the surge was the dependable emergence successful golden prices passim the year.

Following a simplification successful import work successful July, prices rapidly began to ascent again.

A correction successful November attracted investors looking for an accidental to bargain astatine little prices.

Additionally, the festive play of Dhanteras and Diwali successful October and November played a cardinal relation successful boosting golden purchases.

The study further said that large metropolitan cities saw accrued buying owed to e-commerce platforms offering accelerated transportation of tiny golden concern bars and coins, sometimes wrong 10-15 minutes.

Another origin that worked successful favour of golden was the weaker show of different assets. Domestic banal markets, which gave mean returns successful the archetypal fractional of the year, ended 2024 with a notable diminution aft hitting grounds highs successful the 3rd quarter.

The request for golden is apt to grow to see golden exchange-traded funds (ETFs) and communal funds, the study said.

After hitting a four-year debased of 3,080 tonnes successful April, planetary golden ETF holdings gradually recovered passim the remainder of the year, isolated from a flimsy diminution successful November.

The study attributed this summation to increasing geopolitical uncertainties, changing expectations astir involvement rates, and gold's champion yearly terms show since 2010.