India Gold Demand Dips Amid High Prices and Duty Hike

India's gold demand fell by 6% in Q2 2026, down to 131.4 tonnes from 139.7 tonnes during the same period last year.

This decline is attributed to seasonally subdued sales, higher Customs duty, and Prime Minister Narendra Modi's appeal to reduce non-essential gold purchases.

Despite this, the total value of demand increased by 50% to Rs 1,98,100 crores compared to Rs 1,32,500 crores in Q2 2025.

Sachin Jain, WGC Regional CEO for India, stated that consumers continue to prioritize gold even in a high-price environment.