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The quarter records total demand of 209.4 tonnes, lower by 16 per cent compared to Q3 2024, showing that higher prices lift value while reducing tonnage. Within this, jewellery demand comes in at 117.7 tonnes, down 31 per cent year-on-year, but its value stays unchanged at Rs 1,14,270 crores.

Investment demand uptick as volumes rise 20 per cent to 91.6 tonnes and value jumps 74 per cent to Rs 88,970 crores. The report attributes the value surge to higher average prices during the quarter.

Sachin Jain, Regional CEO, India, World Gold Council, says the quarter “showcased its inherent resilience and the significant impact of evolving price dynamics.” He notes that while volumes fall, “this robust growth in value, driven by high average prices, strongly reaffirms gold’s endurin

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