Jewellery demand dipped 31% to 118 tonne (172 tonne) in the quarter under review while that of investments increased to 20% to 92 tonne (77 tonne), according to the World Gold Council data
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Gold demand in the September quarter was down 16 per cent to 209 tonnes against 248 tonnes logged in the same period last year, due to a sharp rise in prices.
Jewellery demand dipped 31 per cent to 118 tonnes (172 tonnes) in the quarter under review, while that of investments increased to 20 per cent to 92 tonnes (77 tonnes), according to the World Gold Council data released on Thursday.
In value terms, demand was up 23 per cent to ₹2.03 lakh crore (₹1.65 lakh crore), even as jewellery demand was almost stagnant at ₹1.14 lakh crore, as volumes plunged. However, investments demand increased 74 per cent to ₹88,970 crore (₹51,080 crore).
Gold prices, excluding import duty and GST, increased sharply by 46 per cent to ₹97,075 per 10 grams in the September quarter, against ₹66,614 recorded in the same period last year, depressing consumer sentiment for most of the quarter.
In dollar terms, gold prices were up 40 per cent at $3,456 ($2,474) an ounce, leading to imports declining 34 per cent to 195 tonnes (308 tonnes).
GC says resilience intact
Sachin Jain, Regional CEO, India, World Gold Council, said the fall in gold demand in volume terms reflects the significant impact of evolving price dynamics.
The robust growth in value, driven by high average prices, showcased its inherent resilience and strongly reaffirms gold’s enduring appeal as a safe-haven asset, he added.
Despite higher prices, he said gold’s intrinsic cultural significance continues to drive purchases, with consumers adapting to the new price levels.
Looking ahead, despite prevailing high prices, consumer sentiment remains positive and retailers are well-prepared. We anticipate robust demand across all categories, from traditional jewellery to investment products, as the market gears up for a vibrant festive and wedding season, he said.
With total gold demand from January to September at approximately 462.4 tonnes, we anticipate full-year demand of 600 to 700 tonnes, leaning towards the higher end of the range, said Jain.
Global demand glitters despite India, China slowdown
Gold demand in China was down 4 per cent in the September quarter to 167 (173) tonne, well below India’s, while jewellery demand slipped 17 per cent to 90 (109) tonne.
Globally, gold demand rose 3 per cent to 1,313 tonnes, though in value terms it increased 44 per cent to a record $146 billion, driven by inflows into exchange-traded funds.
Huge ETF buying of over 222 tonnes and robust bar and coin demand of 316 tonnes fuelled the rise in overall demand.
Central bank buying rose 10 per cent to 220 (199) tonnes, with the National Bank of Kazakhstan and the Central Bank of Brazil as the largest buyers.
Published on October 30, 2025