Demand for gold in India for Q3 2026 was at 162.5 tonnes, down by 29% as compared to overall Q3 demand for 2025 (229.8 tonnes)
India’s Q3, 2026 gold demand value was Rs. 241,900 crores, up by 3% as compared to Q3 2025 (Rs. 235,090 crores)
Total Jewellery demand in India for Q3 2026 decreased by 20% to 99.9 tonnes as compared to Q3 2025 (125 tonnes)
The value of jewellery demand was up by 16% at Rs. 148,700 crores, compared to Rs. 127,860 crores recorded in Q3 2025
Total Bar and Coin demand for Q3 2026 was at 55 tonnes, decreased by 40% in comparison to Q3 2025 (91.6 tonnes)
In value terms, gold Bar and gold Coin demand in Q3 2026 was down by 13% to Rs. 81,890 crores, as compared to Q3 2025 (Rs. 93,740 crores)
Total gold ETF demand for Q3 2026 was at 5.3 tonnes decreased by 50% in comparison to Q3 2025 (10.7 tonnes)
In value terms, gold ETF demand in Q3 2026 was Rs. 7,890 crores, down by 28% from Q3 2025 (Rs. 10,940 crores)
Total Digital gold purchases in Q3 2026 was 4.9 tonnes, up by 44% compared to 3.4 tonnes in Q3 2025
RBI did not purchase gold in Q3 2026 in comparison to 0.2 tonnes in Q3 2025
Total gold recycled in India in Q3 2026 was 19.2 tonnes, down by 12% compared to 21.8 tonnes in Q3 2025
Net gold imports in India in Q3 2026 was 114.1 tonnes, down by 46% compared to 211.9 tonnes in Q3 2025
US$/oz average quarterly price in Q3 2026 was US$ 4,262 in comparison to US$ 3,457 in Q3 2025
INR/10g average quarterly price in Q3 2026 was INR 1,48,891 in comparison to INR 1,02,287 in Q3 2025 (without import duty and GST)
Sachin Jain, Regional CEO, India, World Gold Council said: “The July-September quarter 2026 reflected the continued resilience of gold demand in India, even as elevated prices influenced consumer purchasing behaviour. Total demand stood at 162.5 tonnes, with its value reaching ₹2,41,900 crores. This highlights how consumers continue to prioritise gold while adapting their purchases to balance affordability with long-term value. This was particularly evident in the jewellery segment, where demand declined by 20% year-on-year to 99.9 tonnes, while its value increased by 16% to ₹1,48,700 crores. Jewellery demand was supported by a pullback in gold prices late in Q3, which encouraged some deferred purchases. Wedding and festive buying also supported demand, particularly in South India, where key festivals fell in August. Consumers are increasingly opting for more considered purchases and exchange programmes to navigate higher prices, while retaining their preference for gold jewellery. Investment demand also normalised during the quarter, with gold bar and gold coin demand at 55 tonnes and gold ETF demand strengthened at 5.3 tonnes from 3.6t in Q2. More notably, the improvement in Indian gold ETF inflows towards the end of the quarter, which reached a seven-month high in September, reflects continued investor interest in gold as a strategic asset for portfolio diversification and long-term financial security. Supply channels shifted, official bullion imports fell sharply and recycling remained muted, while preliminary estimates point to increased unofficial inflows.
Looking ahead, the upcoming festive and wedding season is expected to provide support to gold demand. Occasions such as Dhanteras and Diwali hold deep cultural significance for Indian consumers and traditionally encourage gold purchases for investment, gifting and jewellery. The recent improvement in seasonal buying sentiment and preparations by jewellers ahead of the festive period are encouraging signs. While elevated prices may continue to influence purchasing decisions, we expect consumers to adapt through lighter-weight jewellery and exchange-led purchases. Gold’s enduring cultural significance, coupled with its role as a trusted store of value, is expected to underpin demand through the festive and wedding season. We anticipate full-year demand to range between 625 and 675 tonnes.”
India gold demand figures for the period July – September 2026 vs. the corresponding quarters in 2025:
