India's gold demand to hit four-year low amid price rally, World Gold Council says
gold demand in 2024 is likely to fall to its lowest in four years as a rally in prices to a record high is seen denting purchases during the peak festival season in the December quarter, the World Gold Council (WGC) said on Wednesday.
Gold demand in the world's second-biggest consumer of the precious metal could stand between 700 and 750 metric tons in 2024, the lowest since 2020 and down from last year's 761 tons, Sachin Jain, CEO of WGC's Indian operations, told Reuters.
Demand for the precious metal usually spikes towards the end of the year in India, as buying gold for weddings and major festivals such as Diwali and Dussehra is considered auspicious.
But this year, many buyers advanced purchases to August after local prices fell sharply following New Delhi's reduction to the import duty by 9 percentage points in July, Jain said.
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