Economics of Consumption and Consumer Demand for Gold in India | Asian Journal of Economics, Finance

Gold has a unique role in the economic world as a wealth storage medium and, for a long time, as a measure of a country's economic might and the cornerstone of international monetary systems. In recent years, the price of gold has climbed quickly all around the world. The trajectory and rise of global gold jewellery consumption, as well as consumer demand for gold in India, are discussed in this study.

The following are the study's goals:

To investigate the consumption of gold jewellery in various nations.

To determine the demand for gold among Indian consumers.

To evaluate the development and growth of global gold jewellery consumption as well as consumer demand for gold in India.

This research is based on empirical evidence. Percentage techniques, co-efficients of variations, linear trend, and compound growth rate were used to analyse the trend and growth of global gold jewellery consumption and consumer demand for gold in India. Secondary information was gathered via the internet, books, newspapers, journals, and pamphlets. For the past 17 years, India's average consumer demand for gold bars has been 131.42 tonnes, with a standard deviation of 67.66 tonnes. In comparison to jewellery demand and coins in India, the coefficient of variation indicates that the performance of gold bars has been relatively constant over the last 17 years. The trend coefficients of the two components were determined to be statistically significant at the 5% level, as shown in the graph.

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