India's Gold Demand Drops Amid Higher Tariffs, Weak Seasonal Sales

India's gold demand decreased by 6% year-over-year to 131.4 tonnes in the April-June quarter, according to a report from the World Gold Council (WGC). The decline was attributed to weak seasonal demand and higher Customs duty imposed on gold imports.

The total gold demand during this period was lower than the 139.7 tonnes recorded in the same quarter last year. However, the value of gold demand increased by 50% to Rs 1,98,100 crores compared to Rs 1,32,500 crores in the second quarter of 2025.

Sachin Jain, Regional CEO of WGC India, stated that despite the decline in gold demand, consumers continue to prioritize gold even in a high-price environment. The estimated demand for this year is between 650 and 750 tonnes.