Gold Rush: India's Top 5 Suppliers & Why Prices Could Hit ₹3 Lakh Per Tola Soon!

• India is the world's largest gold importer, relying on foreign markets due to low domestic production and high demand for jewelry, investments, festivals, and weddings.
• Switzerland ($19.6 billion) and UAE ($16.1 billion) are India's top gold suppliers in 2024, with South Africa and Australia also contributing significantly.
• Recent domestic gold prices surged from ₹1.33 lakh to ₹1.54 lakh per 10 grams, causing consumer hesitation and slowing jewelry purchases despite discounts.
• Traders are offering discounts up to $12 per ounce due to increased inventories, including import duty and sales tax, reflecting foreign market impact.
• Analysts predict gold prices could reach $6,000 per ounce by late 2026, potentially pushing 1 Tola to ₹3,00,000, driven by global tensions, inflation, and central bank reserves.