India has become the world's largest gold buyer, surpassing china in 2024. Last year, the central government reduced the import duty on gold, which led to a significant drop in the price of gold in the indian retail market. Due to this, people bought more gold. After this, gold fell further after trump won the US election. Due to these two reasons, people bought more gold, and in 2024, it became the world's largest gold consumer, surpassing China. According to the latest data, India's gold jewelry consumption increased to 563.4 tonnes in 2024. This is more than China's gold jewelry consumption of 511.4 tonnes, which has pushed china to the top spot.
India's total gold consumption increased by 5% from 761 tonnes in 2023 to 802.8 tonnes in 2024, which includes gold bars, coins and gold jewellery. It has been revealed that people bought gold in various forms due to the decline in gold prices in 2024 and it has become a major investment for people. Similarly, in 2024, 240 tonnes of gold was invested in gold for investment purposes alone, which is a huge increase from 185 tonnes in the previous year. gold is considered an important safety net to protect against inflation, currency depreciation and geopolitical uncertainty. In 2024, the overall price of gold rose by 28%, and this price increase trend continued in 2025. The price has already increased by 11% in the current year.
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