India gold demand value surges 50% to ₹1.98 lakh crore in Q2: WGC
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India's gold demand declined 6% year-on-year to 131.4 tonnes in Q2 2026 from 139.7 tonnes in the corresponding quarter last year. However, the value of gold demand surged 50% to ₹1,98,100 crore during the period, compared with ₹1,32,500 crore in Q2 2025, driven by elevated gold prices, according to data released by the World Gold Council (WGC).
Jewellery demand in India fell 15% to 75.1 tonnes in Q2 2026 from 88.8 tonnes a year earlier. Despite the decline in volumes, the value of jewellery demand rose to ₹1,13,210 crore from ₹84,200 crore in Q2 2025.
"Consumers continue to prioritise gold even in a high-price environment. They are adapting their purchasing decisions to balance affordability with long-term value. This shift was particularly evident in the jewellery market. Although volumes declined to around 75 tonnes, jewellery demand in value terms grew 34% to ₹1,13,210 crore, supported by seasonal buying during festivals like Akshaya Tritiya and Gudi Padwa," said Sachin Jain, Regional CEO, India, World Gold Council.
Investment demand remained resilient during the quarter. Bar and coin demand rose 9% year-on-year to 50.3 tonnes from 46.1 tonnes, while its value increased 73% to ₹75,750 crore from ₹43,760 crore. Gold ETF demand also strengthened, rising 49% to 4.2 tonnes from 2.8 tonnes a year earlier. In value terms, ETF demand more than doubled to ₹6,300 crore from ₹2,670 crore.
Gold recycling during the quarter stood at 19.2 tonnes, down 17% from 23.1 tonnes in Q2 2025. Gold imports into India also declined 23% year-on-year to 98.1 tonnes from 127.4 tonnes.
Commenting on investment demand, the WGC said bar and coin demand and sustained inflows into Indian Gold ETFs highlighted gold's growing appeal as both a traditional store of wealth and a strategic investment amid an uncertain economic environment.
The World Gold Council expects India's gold demand for the full year to remain in the range of 650-750 tonnes.
"Looking ahead, the festive and wedding season in the second half of the year is expected to support demand. While elevated prices may continue to influence buying patterns, Indian consumers have consistently demonstrated their ability to adapt. We expect gold to remain firmly embedded in household savings and investment decisions, underpinned by its enduring role as a trusted store of value and a source of financial resilience," Jain said.