India’s Q2 Gold Demand Falls 6% to 131.4 Tonnes
India’s gold demand declined 6 per cent year-on-year to 131.4 tonnes in April–June 2026, with jewellery consumption falling 15 per cent.
Mumbai, July 30 — India’s gold demand fell 6 per cent year-on-year to 131.4 tonnes in the April–June quarter of 2026, according to the World Gold Council’s latest Gold Demand Trends report, as weaker seasonal buying, higher customs duty and a shift in consumer sentiment weighed on purchases.
Total demand stood at 131.4 tonnes, down from 139.7 tonnes in the same period a year earlier. Jewellery consumption recorded the sharpest decline, dropping 15 per cent to 75.1 tonnes from 88.8 tonnes.
The fall in demand followed an appeal by Prime Minister Narendra Modi in May urging citizens to limit non-essential gold purchases for weddings for one year and to consider alternative savings options. The statement was made against the backdrop of pressure on foreign-exchange reserves linked to volatile crude-oil prices and ongoing Middle East tensions.
