Gold Prices In 2024: Due to increase in demand and global tension in the year 2024, the price of gold has skyrocketed. But the rise in prices is expected to have an impact on the demand for gold. The World Gold Council has said that due to the record rise in gold prices, the demand for gold in India in the year 2024 is going to be the lowest in the last four years.
Demand for gold will remain low
Due to the sharp rise in gold prices, there may be a decline in demand in this festive season. In terms of volume, the demand for gold will be less in this festive season. World Gold Council CEO Sachin Jain said, the demand for gold in India in 2024 is estimated to be 700 to 750 tonnes, which is the lowest after 2020. Last year in 2023, demand for 761 tonnes of gold was seen. Sachin Jain said, after the import duty on gold was reduced from 15 percent to 6 percent in the budget presented in July this year, there was a sharp decline in the prices of gold in the local bullion market. People took advantage of this opportunity and bought gold in advance. He said, gold buyers are waiting for the prices to stabilize.
Gold price to increase by 26 percent in 2024
On Wednesday, October 30, 2024, gold prices have reached Rs 79,700 per 10 grams. There has been a 26 percent increase in gold prices in the year 2024, whereas in 2023 the prices had increased by 10 percent. According to the World Gold Council, a total of 248.3 tonnes of gold consumption was seen in India in the July-September quarter. In which 41 percent increase in investment demand and 10 percent increase in jewelery demand has been seen in this quarter.
Investment increased in gold ETF
According to the World Gold Council, for the sixth consecutive month in September, gold ETF (Gold ETFs There has been a surge in investment in India and the holding has increased from 43.3 tonnes in January to 52.6 tonnes. According to the report of Zerodha Fund House, the number of gold ETF folios has increased by 7.5 times in the last four years. The number of gold ETF folios was 7.59 lakh in September 2020, which has increased to 57.1 lakh in September 2024.
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