India's gold demand declined 29% year-on-year to 162.5 tonnes during the July-September quarter of 2026, amid higher import duty, rising gold prices and the Prime Minister's appeal to curb purchases, according to the World Gold Council (WGC).
Gold demand stood at 229.8 tonnes in the corresponding quarter of 2025, the WGC's Q3 2026 Gold Demand Trends report said on November 3.
Despite the decline in volume, the value of India's gold demand increased by 3% to ₹2,41,900 crore during the quarter, compared with ₹2,35,090 crore in the same period last year. The increase in value alongside lower demand in tonnes reflects the impact of higher gold prices on overall spending.
Jewellery demand also weakened during the quarter. India's total jewellery demand fell 20% to 99.9 tonnes, compared with 125 tonnes in July-September 2025. However, its value rose 16% to ₹1,48,700 crore.
The WGC has projected India's total gold demand for 2026 at between 625 and 675 tonnes. The outlook comes as high prices and changes in purchasing behaviour continue to influence the country's gold market.
The latest figures highlight a gap between the volume of gold purchased and the money spent on it, with overall demand falling even as its value remained higher than a year earlier.
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