India's gold demand crosses 800 tonnes in 2024: Report
Mumbai: 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.
In the first quarter of 2025, net inflows into gold ETFs reached $21 billion, equivalent to 226 tonnes -- the highest since the second quarter of 2020.
According to the NSE, gold outperformed all other asset classes in FY25, delivering a 41 per cent return in dollar terms.
'India reflected this shift, with the RBI ranking as the third-largest official buyer over the past three and five years, and gold now making up over 11 per cent of its forex reserves,' said the stock exchange in its report on Monday.
The surge in gold prices is largely attributed to global economic uncertainty, which has led many investors to turn to gold as a safe-haven asset.
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It's the Maharashtra Industrial Development Corporation that's spearheading the acquisition of 2,832 hectares that will be needed for the greenfield airport project, which spans the villages of Vanpuri, Udachiwadi, Ekhatpur, Munjawadi, Kumbharvalan, Pargaon and Khanwadi — all in Purandar taluka. During a compensation hearing organised by state officials on Tuesday, anger was palpable among the protesting farmers. "We do not want construction here," said Jitendra Memane, a farmer from Pargaon. "We will continue our protests. They had first identified another location. They can build there," he said. Officials TOI spoke to said they would need at least 10 days to review the total of 3,022 objections that had come in from the seven villages. "All these objections and details of the hearings, along with our observations, will be submitted to the state govt," said a senior land acquisition official who is conducting the proceedings, which would have to be comprehensive. 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