India gold demand fell 29% in September quarter to 162.5 tonnes
In short
India’s gold demand dropped 29% in the September quarter to 162.5 metric tonnes. Jewellery buying fell 20%, and investment demand fell 40%.
This matters because higher gold prices are hurting purchases, but the report does not give the final 2026 demand number or say when demand may recover.
What the reporting says
India’s gold demand fell 29% year on year to 162.5 metric tonnes in the September quarter, as jewellery purchases declined 20% and investment demand dropped 40%, according to a BusinessLine Markets summary. The report says price rises are weighing on demand and links the weakness to a six-year low forecast for 2026. It does not state the final 2026 demand figure.
Why it matters
India’s gold demand fell 29% year on year to 162.5 metric tonnes in the September quarter, with jewellery purchases down 20% and investment demand down 40%. The report says higher prices are hurting demand and points to a possible six-year low in 2026. It does not provide the final annual forecast or any policy response.