India gold demand drops 6% in Q2 as jewellery buying falls 15%: WGC
India’s gold demand declined to 131.4 tonnes in April–June 2026, while value rose 50% to Rs 1.98 lakh crore on higher prices. Jewellery demand fell 15%, but bar-and-coin demand grew 9%; the World Gold Council expects festive and wedding purchases to aid the second half.
India’s gold demand fell 6% in April-June 2026 as higher customs duty, weak seasonal buying and Modi’s appeal curbed purchases. Jewellery demand dropped 15%, while bar-and-coin demand rose 9%; WGC expects festive and wedding demand to support the second half.
Why this matters
The Q2 decline follows WGC signals that Indian gold prices rose 4.1% in May despite a global fall, while an import-duty hike could cut 2026 demand by up to 60 tonnes. WGC also sees gold near $4,100/oz in H2 2026.
Retail-company signals are accelerating, up 311000% QoQ.