India's gold demand up 18% in Q3

India's gold demand witnessed an 18 percent on-year growth during the July-September quarter of this year to 248.3 tonnes, as the reduction in gold import duty resulted in a revival in jewellery demand, the World Gold Council (WGC) said in a report on Wednesday.

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The overall gold demand during the corresponding quarter of last year stood at 210.2 tonnes, according to the WGC's Q3 2024 Gold Demand Trends report.

However, with gold prices ruling at all-time highs, there might be an increased trend for investors to wait for price corrections. The full-year gold demand is likely to be in the range of 700-750 tonnes, slightly less than last year, as Dhanteras and wedding season is likely to boost overall gold demand.

In 2023, India's gold demand stood at 761 tonnes. In terms of value, gold demand went up by 53 percent to ₹1,65,380 crore during the third quarter of this calendar year, compared to ₹1,07,700 crore in the same period of 2023.

Total jewellery demand during the July-September period increased by 10 percent to 171.6 tonnes, compared to 155.7 tonnes in the same period in 2023.