output: Mumbai, April 29: India’s gold demand exceeded 800 tonnes in 2024, driven by increased consumption of gold jewellery and investments in gold exchange traded funds (ETFs), a new report from Zerodha Fund House revealed on Tuesday.
The report, titled ‘Gold Report 2024’, stated that India emerged as the largest consumer of gold jewellery globally in 2024.
The country consumed 563 tonnes of gold jewellery, valued at around Rs 3.6 lakh crore. Gold continues to hold a special place in Indian culture, especially during weddings and other auspicious occasions, where its use is evident.
Furthermore, Indians invested heavily in gold in the form of bars and coins. In 2024, India 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, positioning India as the second-largest investor in gold bars and coins worldwide. The report also highlighted that Indian investors are demonstrating an increasing interest in gold ETFs.
Over the past five years, gold ETF holdings in India have risen from 21 tonnes to 63 tonnes. A recent report by the National Stock Exchange (NSE) highlighted that gold-backed ETFs experienced 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 prompted many investors to seek refuge in gold.
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