Record-high gold prices in the global markets resulting from economic and geopolitical uncertainties have resulted in Indian investors turning to gold as a safe haven for investment in the past year. In value terms, gold investment demand in 2025 was ₹2,97,100 crore in India, up by 73% from ₹1,71,420 crore in 2024. Total investment demand for 2025 was 280.4 tonnes, up by 17% in comparison to 239.4 tonnes a year ago.

Total Investment demand for Q42025 was at 96 tonnes, an increase by 26%, in comparison to 76 tonnes in the corresponding quarter of 2024. In value terms, gold Investment demand in Q42025 was ₹1,20,700 crore, up by 108% from Q42024 (₹58,090 crore).

Total gold demand in India dropped by 11% in volume to 710.9 tonnes in 2025 from 802.8 tonnes in the previous year. However, gold demand value went up by 30% in 2025 to record sales of ₹7,51,490 crore from ₹5,75,930 crore in 2024, says World Gold Council, which tracks gold sales globally at wholesale levels.

Total jewellery demand in India during the year decreased by 24% to 430.5 tonnes as compared to 2024's 563.4 tonnes.  Jewellery demand increased by 12% to ₹4,54,390 crore, up from ₹4,04,510 crore in the previous year.

 ''Looking ahead to 2026, we expect Indian gold demand to be approximately 600-700 tonnes, as gold is well positioned to continue benefiting from persistent global uncertainties, a potentially softer interest rate environment, and sustained diversification efforts by global central banks,'' said Sachin Jain, Regional CEO, India, World Gold Council. "At the same time, we expect investment demand to remain robust, driven by increasing awareness of gold’s portfolio benefits and a growing appetite for ETFs and digital gold as reliable hedges against volatility," he added.

He said total gold recycled in India in 2025 was 92.7 tonnes, down by 19% compared to 114.3 tonnes in 2024, while total gold imports to India were down by 17% to 663.7 tonnes in 2025, compared to 801.7 tonnes in the previous calendar year.  

Demand for gold in India for Q42025 was at 241.3 tonnes, down by 9%, and the gold demand value was ₹3,03,470 crore, up by 49% as compared to Q42024. Total Jewellery demand for the quarter decreased by 23% to 145.3 tonnes, while the value of jewellery demand was up by 26% at ₹1,82,770 crore, compared to ₹1,44,980 crore recorded in Q42024.

''Despite the wedding season, jewellery volumes dropped by 23% to 145.3 tonnes as record-high prices and affordability pressures weighed on consumption. This volume–value divergence mirrors 2025’s exceptional price rally, with gold delivering over 60% returns and 53 all-time highs," said Sachin Jain.