India’s gold demand strengthened in Q3 2026, rising 24% quarter-on-quarter to 162 tonnes as jewellery purchases recovered and investment demand remained resilient. However, elevated gold prices continued to constrain volumes, while higher import duties contributed to a shift in supply towards unofficial channels. The World Gold Council’s latest India Focus report examines jewellery consumption, investment trends, gold ETFs, digital gold, recycling, consumer sentiment and the outlook for the festive and wedding season.
