Domestic costs have surged due to a weakening rupee and an import duty hike from 6 per cent to 15 per cent enacted in May. The elevated price environment prompted Prime Minister Narendra Modi to urge citizens to postpone purchases to protect foreign exchange reserves. Consequently, the World Gold Council projects India's total gold demand will decline to a six-year low in 2026. In the July-to-September quarter, jewellery demand by weight dropped 20 per cent to just under 100 tonnes, yet higher prices forced consumers to spend 16 per cent more, totaling 1.49 trillion rupees.
Key points
Overall Indian gold demand is projected by the World Gold Council to hit a six-year low i…: Overall Indian gold demand is projected by the World Gold Council to hit a six-year low in 2026.
Festive shoppers are maintaining buying traditions by purchasing fewer grams of metal and…: Festive shoppers are maintaining buying traditions by purchasing fewer grams of metal and exchanging older jewellery.
Industry officials expect ongoing wedding and festive season demand to offer market suppo…: Industry officials expect ongoing wedding and festive season demand to offer market support during the fourth quarter.
Sources checked by our analysis pipeline: 1
Gold prices have eased from their January peak, but remain high enough to constrain purchases. Jewellers in India are hoping the festive season will provide a boost to demand.
MUMBAI: For Manisha Shinde, Deepavali would not be complete without buying gold.
She is spending about US$700 on a gold coin ahead of the festival of lights, which falls on Sunday (Nov 8).
“It’s Deepavali, and I’m buying this as a gift for my daughter-in-law. This is so she can use the gold later to make ornaments,” she told CNA.
Gold is traditionally bought during festivals and weddings in India, where it is regarded as a symbol of prosperity and a long-term investment.
Global gold prices have eased from a record high of nearly US$5,600 an ounce in January, offering some relief to buyers. But the precious metal remains expensive, currently trading at around US$4,000 an ounce.
BUYERS OPT FOR LIGHTER JEWELLERY
Jewellers say high prices are prompting customers to choose lighter pieces or exchange old gold for new jewellery.
“It's not that people are not buying jewellery, but obviously what…
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