A recent report by World Gold Council (WGC) revealed on Wednesday that gold demand in India saw a significant rise by 8 per cent, reaching 136.6 tonnes in the January - March quarter (Q1) in 2024. This rise was supported by a robust economic backdrop, despite gold prices reaching historic highs.
The increase in demand was further fueled by the Reserve Bank of India's (RBI) robust gold purchases. The central bank purchased over 19 tonnes of gold during the initial quarter of the current calendar year 2024 (Q1-CY24 / Q4-FY24), surpassing the 16 tonnes it purchased throughout the entirety of 2023, as outlined in the WGC report.
