World Gold Council: India's Q2 Gold Demand Fell to 131 Tonnes but Spending Hit a Record 1,979 Billion Rupees

The World Gold Council said in its India-focused report for the second quarter of 2026, published on Thursday, 30 July 2026, that Indian gold demand fell to 130.9 tonnes, down 5.9% year on year and 13.1% from the first quarter. That volume sits below the long-term second-quarter average of 188 tonnes. Even so, with prices elevated, spending on gold in India reached a quarterly record of 1,979 billion rupees (about US$20.9 billion), up 50% on a year earlier.

Jewellery demand came in at 75.1 tonnes, up 13.6% from the first quarter but down 15.4% year on year. India was the world's largest gold jewellery market in the quarter, accounting for 27% of global demand. Investment demand eased to 54 tonnes, below the roughly 100 tonne average of the preceding three quarters but still above the long-term average of 49 tonnes since 2000.

The report attributed the softness to a 9% import duty increase in mid-May, rupee depreciation, and the traditionally inauspicious buying period from mid-May to mid-June. Domestic gold prices on India's commodity exchange were 58.9% higher than a year earlier, while the international LBMA (PM) price was up 37.4%. Gold supply in India fell to a six-year low.