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India becomes world's largest gold jewellery consumer in 2024, leaves behind China

On February 5, 2025, gold prices hit an all-time high following China’s retaliatory tariffs on US imports, escalating trade war tensions
03:28 PM Feb 05, 2025 IST | GK Web Desk
india becomes world s largest gold jewellery consumer in 2024  leaves behind china
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New Delhi, February 05: India has emerged as the world’s largest gold jewellery consumer in 2024, surpassing China with a total consumption of 563.4 tons compared to China's 511.4 tons. The country’s overall gold demand rose 5% year-on-year, reaching 802.8 tons, up from 761 tons in 2023, driven by a surge in jewellery purchases and growing investment interest.

Investment demand saw a sharp rise to 240 tons in 2024, up from 185 tons the previous year, as Indian buyers sought exposure to gold amid its strong price rally. However, India's gold imports declined to 712.1 tons from 744 tons in 2023, indicating a greater reliance on recycled gold and domestic supply sources.

Gold prices surged 28% in 2024 and have already gained 11% in 2025, continuing to attract investors betting on further gains. The rally has been driven by global geopolitical uncertainties, increased central bank purchases and expectations of easing monetary policies, making gold a preferred hedge against inflation and currency fluctuations.

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On February 5, 2025, gold prices hit an all-time high following China’s retaliatory tariffs on US imports, escalating trade war tensions and pushing investors toward safe-haven assets. With ongoing global economic uncertainties, India remains a dominant force in the gold market, reinforcing its deep-rooted cultural and economic affinity for the precious metal.(CNBC TV18)

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