India's gold demand down 29% in July-September at 162.5 tonnes: World Gold Council
India's gold demand dropped 29% in the third quarter of 2026 due to high prices and import duties, according to the World Gold Council. Despite lower volume, the total value of gold demand increased by 3%.
Why it matters
Gold is a critical economic indicator and cultural asset in India, and shifts in demand impact global market prices.
Mumbai India's gold demand fell 29% 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 (November 3, 2026). However, gold demand value was up by 3% at ₹2,41,900 crore compared to ₹2,35,090 crore in the same quarter of last year. The average gold price during the quarter was $4,262 a troy ounce (₹1,48,891 per 10 grams) in comparison to $3,457 (₹1,02,287) in the same period of 2025 (without import duty and GST).
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