India's gold consumption in 2025 is set to moderate from last year's nine-year peak, as a rally in prices to a record high is seen dampening jewellery demand, even as investment demand rises, the World Gold Council (WGC) said on Wednesday.

Mumbai, Feb 5 (PTI) Gold demand in India witnessed a 5 per cent on-year rise at 802.8 tonnes in 2024 supported by reduction in import duty, and purchases related to weddings and festivals, and going ahead consumption of the yellow metal in 2025 is likely to be between 700-800 tonnes, according to the the World Gold Council.

India’s gold demand rose 5% to 802.8 tonnes in 2024, with investment demand up 29% and global demand hitting a record high

This development came after government last month made historic corrections to past import data. The Ministry of Commerce sharply revised India’s November 2023 gold imports.

In value terms, total gold demand surged by 31% to ₹515,390 crore in 2024, up from ₹392,000 crore in the previous year, according to data from the WGC.

India’s gold jewellery demand is expected to have gradually recovered from the middle of January after remaining subdued since December.

Demand for gold could stand between 700 metric tonnes and 800 metric tonnes, compared to last year's 802.8 tonnes

Demand for gold could stand between 700 metric tons and 800 metric tons, compared to last year's 802.8 tons, which was the highest since 2015, Sachin Jain, CEO of WGC's Indian operations, told Reuters.

Gold demand in India has risen by 5% in 2024, reaching 802.8 tonnes, driven by factors such as lower import duties and increased purchases during wedding seasons and festivals. The World Gold Council