India's Gold Demand Plummets 6% in Q2 Amid Seasonal Slump and PM Modi's Appeal

India's gold demand plummeted 6% in Q2 to 131.4 tonnes, weighed down by weak seasonal sales and Prime Minister Narendra Modi's appeal to reduce purchases of the precious metal.

The World Gold Council reported that India's gold demand fell from 139.7 tonnes in the same period last year, with total demand reaching Rs 1,98,100 crores, a 50% increase compared to the second quarter of 2025.

WGC Regional CEO for India, Sachin Jain, stated that despite elevated prices, Indian consumers have consistently demonstrated their ability to adapt and prioritize gold even in a high-price environment.