Investors in India are increasingly turning toward modern, accessible asset formats as overall spending remains resilient despite lower physical metal volumes. While total gold expenditure climbed 3% to Rs 2,419 billion in the third quarter, actual demand by volume slipped 29% to 162.5 tonnes. Concurrently, digital crypto activity saw significant historical flows even through a recent global contraction that lowered India's standing on the Global Crypto Adoption Index. Rather than discarding conventional stores of value, Indian savers across broader demographics are diversifying across digital gold, ETFs, and cryptocurrency positions.
Key points
Domestic investors are increasingly pairing traditional wealth stores with modern digital…: Domestic investors are increasingly pairing traditional wealth stores with modern digital and paper-backed investment options.
Cryptocurrency markets are expanding into an investment-focused segment that now attracts…: Cryptocurrency markets are expanding into an investment-focused segment that now attracts individuals aged 35 and older.
A global downturn lowered recent yearly crypto flows to approximately $135 billion, dropp…: A global downturn lowered recent yearly crypto flows to approximately $135 billion, dropping India to sixth in global adoption.
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The numbers this year offer an interesting perspective on that shift.
The gold numbers deserve a careful read. India's gold demand fell 29% year-on-year to 162.5 tonnes in the July–September quarter, according to the World Gold Council. Yet the value of that demand rose 3% to Rs 2,419 billion, because domestic prices averaged Rs 148,891 per 10 grams, up 45% from a year earlier.
In other words, Indians bought considerably less gold by volume but continued to spend more on it. The appetite for gold has not disappeared; affordability is increasingly influencing how much households purchase.
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Indian gold ETF inflows reached 28.8 tonnes in the first nine months of 2026, up 47% year-on-year, while gross digital gold purchases increased 76% to 16.3 tonnes. In contrast, bar and coin demand fell 40% during the third quarter.
This divergence points towards a gradual change in ownership preferences. Investors still want exposure to gold, but an increasing number are choosing financial and digital formats over…
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