India Sees 6% Drop in Gold Demand Amid Seasonal Slump and Duty Hikes

India's gold demand fell by 6% in the April-June quarter compared to the same period last year. The World Gold Council attributed this decline to weak seasonal demand and higher Customs duty, as well as Prime Minister Narendra Modi's appeal to reduce gold purchases.

The total jewellery demand in India during this quarter decreased by 15% to 75.1 tonnes from 88.8 tonnes in the same period last year.

According to WGC's 'Q2 2026 Gold Demand Trends' report, India's gold demand was at 131.4 tonnes in the April-June quarter, down from 139.7 tonnes during the corresponding period last year.