India’s gold demand increased by 8% in the March quarter compared to the previous year, but recent price increases could reduce total consumption in 2024 to its lowest level in four years, according to the World Gold Council (WGC). Demand for gold from India might be between 700 and 800 metric tons in 2024, with the figure decreasing to the lower end of the range if prices continue to rise.
Global central banks, which actively acquired gold in 2022-2023, increased their reserves by 290 tons, up 1% year on year and 69% from the five-year quarterly average.It was their best first quarter in any year, according on WGC data dating back to 2000. The Central Banks of China and India led.