Sachin Jain, Regional CEO, India, World Gold Council said, India’s gold demand softened slightly in Q2 2024, reaching 149.7 tonnes, down 5% year-on-year. This can be attributed to record high gold prices impacting affordability and causing a slowdown in consumer purchases. However, the overall value of demand remained strong, increasing by 14%, highlighting gold’s enduring value for Indian consumers.
Jewellery demand felt the pressure of high prices, declining 17% to 107 tonnes due to high local prices, the general election and a severe heat wave. While festivals like Akshaya Tritiya and Gudi Padwa provided a temporary boost, record high prices continued to dampen consumer sentiment. Conversely, Investment demand surged by 46% to 43.1 tonnes, its highest second-quarter level since 2014 driven by expectations of further price appreciation and safe-haven buying.
Bucking global trends, India’s gold recycling fell 39% to 23 tonnes, as consumers, rather than cashing in, opted for an exchange of old jewellery for new. This indicates limited distress selling, and points to highlighting gold’s enduring role as a store of value in India.
Looking ahead, the recent 9% reduction in import duty on gold is expected to revive the gold demand in July quarter ahead of the main festive season that begins from September that could be further boosted by healthy monsoon. India’s economic outlook too remains positive, with strong GDP forecasts and rural sector recovery are all likely to support demand in the second half of the year. Our forecast for full year demand is between 700 to 750 tonnes.
India Gold Demand Statistics for Q2 2024 (April – June):
01: Demand for gold in India for Q2 2024 was at 149.7 tonnes, down by 5% as compared to overall Q2 demand
for 2023 (158.1 tonnes),
02: India’s Q2 2024 gold demand value was Rs. 93,850 crores, up by 14% as compared to Q2 2023 (Rs 82,530 crores),
03: Total Jewellery demand in India for Q2 2024 decreased by 17% to 106.5 tonnes as compared to Q2 2023 (128.6 tonnes).
04: The value of jewellery demand was Rs 66,810 crores, marginally down from Rs. 67,120 crores recorded in Q2 2023,
05: Total Investment demand for Q2 2024 at 43.1 tonnes increased by 46% in comparison to Q2 2023 (29.5 tonnes),
06: In value terms, gold Investment demand in Q2 2024 was Rs. 27,050 crores, up by 75% from Q2 2023 (Rs. 15,410 crores).
07: Total gold recycled in India in Q2 2024 was 23 tonnes, down by 39% compared to 37.6 tonnes in Q2 2023,
08: Total gold imports in India in Q2 2024 was 196.9 tonnes, up by 8% compared to 182.3 tonnes in Q2 2023,
09: US$/oz average quarterly price in Q2 2024 was US$ 2,338.2 in comparison to US$ 1,975.9 in Q2 2023,
10: INR/10g average quarterly price in Q2 2024 was INR 62,700.5 in comparison to INR 52,191.6 in Q2 2023 (without import duty and GST).
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