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India gold market update: Gold outpaces other asset classes

In 2024, gold shone as India's top-performing asset, delivering an impressive 21% annual return in INR terms, outpacing all other major asset classes. Despite a dip in prices toward the end of the year, gold prices started 2025 on a strong note, rising 2.7% by early January.


While jewellery demand softened between mid-December and mid-January due to high and fluctuating prices and an inauspicious period in the Hindu calendar, investment demand for gold bars and coins remained robust. Domestic gold prices traded at a discount to international prices, with these discounts widening during this period.


Gold ETFs in India also saw record-breaking growth in 2024, with eight consecutive months of net inflows and a remarkable 63% year-over-year growth in assets under management. Additionally, the Reserve Bank of India increased its gold reserves by 72.6 tonnes, ending the year with a total of 876 tonnes.


Looking ahead, jewellery demand is expected to gradually recover, driven by wedding-related purchases and anticipated price stability. Investment demand for gold is also likely to maintain its positive momentum, solidifying gold's position as a preferred asset class in India.


Sources:



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