Indian gold investment remained strong in Q4 at 76t, almost matching Q3’s exceptional performance and taking full-year demand to 239t – the highest since 2013. In local currency terms that equated to demand of INR1.5tn (US$18bn), an increase of 60% over the prior record set in 2023.
As with most other markets, investment demand was cemented by gold’s price rise throughout the year. Prices swiftly resumed their upward march following the July duty cut, and a subsequent correction in November attracted bargain hunting investors keen to add to their holdings at a lower price.
The auspicious festival period of Dhanteras and Diwali in October/November spurred buying during the final quarter. This was boosted further in the big metropolitan cities by e-commerce platforms offering super-quick delivery of small gold investment bars and coins, sometimes in as little as 10-15 minutes.
Also working in gold’s favour was the relatively lacklustre performance of other assets, with domestic stock markets generating mediocre returns in H1 and ending the year with a notable downward correction after touching record highs in Q3.
World Gold Council said, “We expect the trend of healthy investment demand in India to continue in 2025, with investment interest in gold broadening to include gold ETFs and mutual funds. An extension of gold’s recent strength would likely fuel continued strong investment interest in gold.”
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