India's gold demand drops 29% in July-September

The World Gold Council reported that India's gold demand fell 29% year-on-year to 162.5 tonnes in the July-September quarter, citing higher import duty, soaring prices, and the Prime Minister's call to curb purchases.

Gold demand value rose 3% to ₹2,41,900 crore compared to ₹2,35,090 crore in the same period of the previous year.

Jewellery demand in India declined by 20% to 99.9 tonnes, while its value increased by 16% to ₹1,48,700 crore.

The average gold price during the quarter was $4,262 per troy ounce, compared to $3,457 in the same period of 2025.

Total bar and coin demand fell by 40% to 55 tonnes, and gold ETF demand dropped 50% to 5.3 tonnes.

The Reserve Bank of India did not purchase gold in the third quarter of 2026, compared to 0.2 tonnes in the same quarter of 2025.

Net gold imports in India declined 46% to 114.1 tonnes from 211.9 tonnes in the same quarter last year.

Total gold recycled in India during the quarter was 19.2 tonnes, down 12% from 21.8 tonnes in the same period of 2025.