- Demand for gold in India for Q1 2026 was at 150.6 tonnes, up by 10% as compared to overall Q1 demand for 2025 (137.4 tonnes)
- India’s Q1, 2026 gold demand value was 227,530 crores, up by 99% as compared to Q1 2025 (Rs.114,600 crores)
- Total Jewellery demand in India for Q1 2026 decreased by 19% to 66.1 tonnes as compared to Q1 2025 (6 tonnes)
- The value of jewellery demand increased by 47% at Rs. 99,920 crores, compared to Rs. 68,050 crores recorded in Q1 2025
- Total Bar and Coin demand for Q1 2026 was at 62.3 tonnes, increased by 34% in comparison to Q1 2025 (46.7 tonnes)
- In value terms, gold Bar and Coin demand in Q1 2026 was Rs. 94,130 crores, up by 142 % from Q1 2025 (Rs. 38,900 crores)
- Total gold ETF demand for Q1 2026 was at 19.9 tonnes increased by 197% in comparison to Q1 2025 (6.7 tonnes)
- In value terms, gold ETF demand in Q1 2026 was Rs. 30,000 crores, up by 437 % from Q1 2025 (Rs. 5,590 crores)
- Total gold recycled in India in Q1 2026 was 2 tonnes, up by 20% compared to 26.0 tonnes in Q1 2025
- Total gold imports in India in Q1 2026 was 196.4 tonnes, up by 39% compared to 141.2 tonnes in Q1 2026
- US$/oz average quarterly price in Q1 2026 was US$ 4,873 in comparison to US$ 2,860 in Q1 2025
- INR/10g average quarterly price in Q1 2026 was INR 1,51,105 in comparison to INR 83,375 in Q1 2025 (without import duty and GST)
Sachin Jain, Regional CEO, India, World Gold Council said:
“India’s gold market in Q1 2026 reflects a continued divergence between volume trends and value growth, shaped by record-high prices and evolving consumer preferences. Total gold demand for the quarter stood at 150.6 tonnes, marking a 10% increase compared to Q1 2025. In value terms, demand nearly doubled to Rs. 2,27,530 crores, up 99% year-on-year, underscoring the impact of the sharp rise in gold prices.
Jewellery demand faced notable headwinds during the quarter, declining 19% year-on-year to 66.1 tonnes, as elevated prices and affordability constraints continued to weigh on consumption, particularly in price-sensitive segments. However, the value of jewellery demand remained resilient at Rs. 99,920 crores, reflecting the strong price environment and a gradual shift towards lighter and more value-conscious purchases.
In contrast, investment demand emerged as a key driver of overall growth. Investment demand rose 34% year-on-year to 62.3 tonnes, while its value surged 142% to Rs. 94,130 crores. This strong momentum highlights increasing investor confidence in gold as a strategic asset, supported by heightened global uncertainties and its role as an effective hedge against inflation and market volatility.
On the supply side, recycling activity also saw an uptick, rising 20% to 31.2 tonnes, as higher prices encouraged partial profit-taking, although overall sentiment continues to favour holding gold as a long-term store of value.
Looking ahead, while elevated prices may act as a near-term headwind for jewellery demand, the summer wedding season and regional festivals are expected to provide support, building on the momentum seen during Akshaya Tritiya. At the same time, investment demand is likely to remain resilient, with gold continuing to be viewed as a safe-haven asset and an important portfolio diversifier amid ongoing global uncertainties. We estimate full year demand to be in the range of 650-750 tonnes.”
