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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REUTERS/AMIT DAVE
Gold demand in the September quarter was down 16 per cent to 209 tonne against 248 tonne logged in the same period last year, due to sharp rise in prices and buoyant Dhanteras and Diwali sale.
Jewellery demand dipped 31 per cent to 118 tonne (172 tonne) in the quarter under review while that of investments increased to 20 per cent to 92 tonne (77 tonne), according to the World Gold Council data released on Thursday.
In value term the 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 the volumes plunged. However, investments demand increased 74 per cent to ₹88,970 crore (₹51,080 crore).
Gold prices, excluding import duty and GST, in the September quarter increased sharply by 46 per cent to ₹97,075 per 10 grams against ₹66,614 recorded in the same period last year depressing consumer sentiment in most of the quarter.
In dollar terms, gold prices were up 40 per cent at $3,456 ($2,474) an ounce which led to imports declining 34 per cent to 195 tonne (308 tonne).
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 between 600 and 700 tonnes, more towards higher end of range, said Jain.
Gold demand in China was down 4 per cent in September quarter at 167 (173) tonne much lower than that of India while jewellery demand slipped 17 per cent to 90 (109) tonne.
Globally, gold demand was up three per cent at 1,313 tonne, though in value terms it increased 44 per cent to a record $146 billion as inflows into exchange traded funds.
Huge ETF buying of over 222 tonne and robust bar and coin demand of 316 tonne fuelled the rise in overall demand.
Central bank buying was up 10 per cent at 220 (199) tonne with National Bank of Kazakhstan and Central Bank of Brazil being the largest buyers.
Published on October 30, 2025
