India's gold demand fell 29% year-on-year to 162.5 tonnes in July-September, the World Gold Council said. Demand value still rose 3%, while the council projects full-year demand at 625-675 tonnes.
India's gold demand fell 29% year-on-year to 162.5 tonnes in the July-September quarter, amid higher import duty, soaring prices and the Prime Minister's appeal to curb purchases. The World Gold Council (WGC) reported the figure in its Q3 2026 Gold Demand Trends report on November 3, 2026.
Demand stood at 229.8 tonnes in the same quarter of 2025. The value of demand rose 3% to ₹2,41,900 crore, against ₹2,35,090 crore a year earlier.
Higher prices cut volumes but lift value
The average gold price during the quarter was $4,262 a troy ounce, compared with $3,457 in the same period of 2025, without import duty and GST.
Jewellery demand dipped 20% to 99.9 tonnes, from 125 tonnes a year earlier. In value terms, however, jewellery demand rose 16% to ₹1,48,700 crores.
Bar and coin demand fell harder. Total bar and coin demand declined 40% to 55 tonnes, from 91.6 tonnes, while demand for gold ETFs dipped 50% to 5.3 tonnes from 10.7 tonnes.
Imports drop and the central bank stays out
Net gold imports fell 46% to 114.1 tonnes, from 211.9 tonnes in the same quarter last year. Recycled gold totalled 19.2 tonnes, down 12% from 21.8 tonnes.
The Reserve Bank of India did not purchase gold in the third quarter of 2026, compared with 0.2 tonnes a year earlier, the report stated.
WGC expects festive support
WGC Regional CEO for India Sachin Jain said official bullion imports declined sharply, recycling remained muted, and preliminary estimates indicated a rise in unofficial inflows. He told PTI the quarter showed "consumers continue to prioritise gold while adapting their purchases".
Jain said the upcoming festive and wedding season is expected to support demand. The WGC anticipates full-year demand of 625 to 675 tonnes.
Source: The Hindu
Trading involves risk.
Risk Disclaimer
