India

High Gold Prices Push India’s 2026 Demand Towards Six-Year Low

Published: 3 November 2026 · 1 min read

What Happened

India’s gold demand is expected to fall to around 650 tonnes in 2026, its lowest since 2020, as high prices weigh on jewellery purchases and investment demand moderates, according to the World Gold Council. In the September quarter, demand fell 29% year-on-year to 162.5 tonnes, with jewellery demand down 20% and investment demand down 40%. Demand could improve during the festive and wedding season, but elevated prices and weakness in rural demand are expected to remain constraints.

Key Takeaways

Indians are still spending heavily on gold, but higher prices mean they are buying smaller quantities, pushing 2026 demand towards a six-year low.

Sources

Reuters, World Gold Council