Indian Gold Demand Plummets 6% in Q2 Amid Global Uncertainties
India's gold demand declined by 6% year-over-year to 131.4 tonnes during the April-June quarter of 2026, according to the World Gold Council's latest Q2 2026 Gold Demand Trends report.
The country's total gold demand was lower than the corresponding period last year, with jewellery consumption witnessing a significant decline of 15% to 75.1 tonnes from 88.8 tonnes a year ago.
This decrease in gold demand comes after Prime Minister Narendra Modi urged citizens to curb non-essential gold purchases and consider alternative savings avenues to help reduce pressure on the country's foreign exchange reserves amid rising import costs driven by volatile crude oil prices.
Despite the decline, market analysts believe that the underlying safe-haven appeal of precious metals will continue to reignite, especially with the ongoing global crisis in the Middle East leading to further uncertainties in the global economy.