Mumbai, Nov 3 (PTI) India’s gold demand fell 29 per cent year-on-year to 162.5 tonnes in July-September quarter amid higher import duty, soaring prices and the Prime Minister’s appeal to curb purchases, the World Gold Council (WGC) said, projecting full-year demand at 625-675 tonnes.
Gold demand was at 229.8 tonnes during the corresponding quarter of 2025, WGC’s ‘Q3 2026 Gold Demand Trends’ report said on Tuesday.
However, gold demand value was up by 3 per cent at Rs 2,41,900 crore compared to Rs 2,35,090 crore in the same quarter of last year.
The average gold price during the quarter was USD 4,262 a troy ounce (Rs 1,48,891 per 10 grams) in comparison to USD 3,457 (Rs 1,02,287) in the same period of 2025 (without import duty and GST).
Total jewellery demand in India dipped by 20 per cent to 99.9 tonnes as compared to 125 tonnes in the same quarter of 2025, while in value terms it was up 16 per cent at Rs 1,48,700 crores.
“The July-September quarter 2026 reflected the continued resilience of gold demand in India, even as elevated prices influenced consumer purchasing behaviour. Total demand stood at 162.5 tonnes, with its value reaching Rs 2,41,900 crores. This highlights how consumers continue to prioritise gold while adapting their purchases to balance affordability with long-term value,” WGC Regional CEO, India, Sachin Jain, told PTI.
He said this was particularly evident in the jewellery segment, where demand declined by 20 per cent year-on-year, while its value increased by 16 per cent. ( PTI )
