India’s gold spending rose 50% in Q2 even as demand fell 6%
India’s gold demand declined to 131.4 tonnes in Q2 2026, but higher prices lifted spending to Rs 1.98 lakh crore. Jewellery volumes fell 15%, while bar-and-coin demand rose 9% as consumers shifted towards lighter, lower-carat and exchanged products.
India’s gold demand fell 6% in Q2 2026, but spending rose 50% to Rs 1.98 lakh crore as prices climbed. Jewellery buyers shifted to lighter, lower-carat and exchanged products, while bar-and-coin demand grew 9%.
Why this matters
The result follows World Gold Council’s earlier signal that jewellery buying fell 15% and its warning that an import-duty hike could cut 2026 demand by up to 60 tonnes.
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