WGC raises India's gold consumption projection to 850 tonnes in 2024

The World Gold Council has revised its forecast for India's gold consumption in 2024 to 850 tonnes, up from 750 tonnes. The increase is attributed to a good monsoon and a reduction in the duty on gold. The demand is driven by jewellery, with the trend expected to continue during the Diwali-Dhanteras period. Meanwhile, gold ETFs in India are also witnessing growing interest as gold increasingly becomes a financial instrument.