Gold demand in India saw a 5 per cent increase at 802.8 tonnes in 2024, supported by a reduction in import duty and purchases related to weddings and festivals. Looking ahead to 2025, the World Gold Council expects gold consumption in India to be between 700-800 tonnes.
According to a report by the World Gold Council, gold demand in India in 2024 stood at 802.8 tonnes, up from 761 tonnes in 2023. The total value of gold demand also increased by 31 per cent to ₹5,15,390 crore in 2024, compared to ₹3,92,000 crores in 2023.
The Regional CEO of WGC, India, Sachin Jain, stated, “Our outlook for 2025 is that gold demand will be between 700-800 tonnes. It is expected that gold jewellery demand will see a recovery due to wedding-related purchases, provided there is some level of price stability.”
Despite gold prices reaching record highs over the past year, gold demand remained strong in India. The All India Sarafa Association reported that gold prices continued to rise, reaching a new peak of ₹85,800 per 10 grams in the national capital. Gold prices have increased by 8.07 per cent in 2025, reaching ₹85,800 per 10 grams from ₹79,390 at the beginning of the year.
The WGC’s 2024 Gold Demand Trends report revealed that gold demand during the fourth quarter of 2024 was flat at 265.8 tonnes, similar to the same period in 2023. Jewelry demand, however, declined by 2 per cent to 563.4 tonnes in 2024 compared to 575.8 tonnes in 2023.
Jain pointed out that despite the decline in jewelry demand, the total value of gold demand in 2024 increased by 22 per cent, emphasizing the ongoing demand for gold supported by rising gold prices throughout the year. Total gold investment rose by 29 per cent in 2024, reaching 239.4 tonnes, the highest since 2013.
Gold recycling saw a decline of 2 per cent in 2024, while gold imports decreased by 4 per cent to 712.1 tonnes compared to 744 tonnes in 2023. Jain noted that there was consistent demand for gold ETFs throughout the year, with the festival period of Dhanteras and Diwali stimulating buying in the final quarter.
The Reserve Bank of India also significantly increased its gold purchases in 2024, acquiring 73 tonnes, more than four times its purchases in 2023. Jain anticipates that the trend of strong gold investment demand will continue, with retail investors showing growing interest in gold ETFs, digital gold, and coins and bars.
