That means that in the July-September 2024 quarter, Indians bought 248.3 tonnes of gold—51 percent more than what people in China bought during the period.
In just three months – July to September 2024—Indians bought 248.3 tonnes of gold, 51 percent more than the 165 tonnes bought by the people in China during the period.
According to the latest data by the World Gold Council, Indians bought gold mostly in the form of coins and bars. Also, India’s demand for yellow metal surged 18 percent yearly in July-September.
The demand for gold has, therefore, increased, mainly on account of the cut in the import of yellow metal from 15 percent to 6 percent. Finance Minister Nirmala Sitharaman announced this while presenting the Union Budget 2024-25 speech on July 23.
There has also been revenge buying when there is a sudden spike in consumers’ purchases of a commodity after being denied the opportunity for an extended period.
Wedding and festive demand India’s gold demand remains solid in Q4 due to Dhanteras and wedding demand,” Sachin Jain, regional CEO (India) of World Gold Council, was quoted as saying in a report by Economic Times.
Although with the continued rise in the gold price offsetting the impact of the duty cut, we may see an increased trend for investors to wait for price corrections as opportunities to add to their holdings,” he said.
Indians bought gold coins and bars. In the July-September quarter, Indian consumers purchased 77 tonnes of gold coins and bars, compared to 62 tonnes bought by the Chinese.
India’s bar and coin demand jumped to its highest in the July-September quarter since 2012. “
The July duty-led price correction accelerated investor optimism and bullish price expectations, which allowed many investors to enter the market,” Jain said in the ET report.
