India’s gold demand for the third quarter of 2025 fell 16% year-on-year to 209.4 tonnes, according to the World Gold Council (WGC). However, in value terms, demand surged 23% to ₹2,03,240 crore, driven by soaring prices.
Jewellery demand dropped sharply by 31% to 117.7 tonnes from 171.6 tonnes a year earlier, though the value held steady at ₹1,14,270 crore. Investment demand, meanwhile, saw strong momentum, rising 20% in volume to 91.6 tonnes and 74% in value to ₹88,970 crore.
Investment demand, on the other hand, showed remarkable strength. It jumped 20% in volume to 91.6 tonnes and surged 74% in value to ₹88,970 crore compared to ₹51,080 crore in Q3 2024.
Average gold prices touched record highs of US$3,456.5/oz (₹97,075 per 10g) in Q3 2025, compared to US$2,474.3/oz (₹66,614 per 10g) in Q3 2024. Imports plunged 37% to 194.6 tonnes, while recycling declined 7% to 21.8 tonnes.
Sachin Jain, Regional CEO – India, World Gold Council “India’s gold market in Q3 2025 showcased its inherent resilience and the significant impact of evolving price dynamics. This robust growth in value, driven by high average prices, strongly reaffirms gold’s enduring appeal as a safe-haven asset. Investment demand, showed remarkable strength, increasing 20% in volume … This highlights a deepening strategic commitment among Indian consumers to gold as a long-term store of value. While jewellery demand saw a 31% volume decrease to 117.7 tonnes, its value remained largely stable at Rs. 1,14,270 crores. This indicates that despite higher prices, gold’s intrinsic cultural significance continues to drive purchases, with consumers adapting to the new price levels.”
“Looking ahead, the current festive and wedding seasons are pivotal for the yellow metal. Gold’s unique cultural significance means festivals traditionally drive strong buying interest. 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.”
“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,” Jain added.