Mumbai, April 29
India's gold demand surged past 800 tonnes in 2024, driven by a rise in jewellery consumption and increased investments in gold exchange traded funds (ETFs), according to a new report released on Tuesday.
The report by Zerodha Fund House revealed that India was the world’s largest consumer of gold jewellery in 2024, with total consumption reaching 563 tonnes.
The value of this consumption was estimated at around Rs 3.6 lakh crore. Gold continues to hold a significant place in Indian culture, particularly during weddings and other auspicious occasions, where its use is widespread.
Apart from jewellery, Indians are also investing heavily in gold in the form of bars and coins. In 2024, the country purchased 239 tonnes of gold in bar and coin form, valued at approximately Rs 1.5 lakh crore.
This marks a 60 per cent increase compared to 2023, making India the second-largest investor in gold bars and coins globally.
The report also highlighted that Indian investors are increasingly showing interest in gold ETFs. Over the past five years, gold ETF holdings in India have grown from 21 tonnes to 63 tonnes.
Meanwhile, a recent report from the National Stock Exchange (NSE) pointed out that gold-backed ETFs have seen strong inflows both in India and globally.