Recently the World Gold Council [WGC] released, India Gold Demand Data for the Q3 2025. In the context, Sachin Jain, Regional CEO, India, World Gold Council said, India’s gold market in Q3 2025 showcased its inherent resilience and the significant impact of evolving price dynamics.
While total gold value surged impressively by 23% to Rs. 2,03,240 crores, gold demand volumes saw a 16% decline to 209.4 tonnes. This robust growth in value, driven by high average prices, strongly reaffirms gold’s enduring appeal as a safe-haven asset. Investment demand, showed remarkable strength, increasing 20% in volume to 91.6 tonnes and a significant 74% in value to Rs. 88,970 crores.
This highlights a deepening strategic commitment among Indian consumers to gold as a long-term store of value. While jewellery demand saw a 31% volume decrease to 117.7 tonnes, its value remained largely stable at Rs. 1,14,270 crores.
This indicates that despite higher prices, gold’s intrinsic cultural significance continues to drive purchases, with consumers adapting to the new price levels. On the supply side, gold imports were 194.6 tonnes, down 37%, while recycling saw a modest 7% decline to 21.8 tonnes, suggesting consumers are holding onto their prized asset.
Looking ahead, the current festive and wedding seasons are pivotal for the yellow metal. Gold’s unique cultural significance means festivals traditionally drive strong buying interest. Despite prevailing high prices, consumer sentiment remains positive, and retailers are well-prepared.
We anticipate robust demand across all categories, from traditional jewellery to investment products, as the market gears up for a vibrant festive and wedding season. With total gold demand from January to September at approximately 462.4 tonnes, we anticipate full-year demand between 600 and 700 tonnes, more towards higher end of range.
Key notable from the India Gold Demand Statistics for Q3 2025 (July – September) are;
1: Demand for gold in India for Q3 2025 was at 209.4 tonnes, down by 16% as compared to overall Q3 demand for 2024 (248.3 tonnes). 1a: India’s Q3 2025 gold demand value was Rs. 2,03,240 crores, up by 23% as compared to Q3
2024 (Rs.1,65,380 crores).
2: Total Jewellery demand in India for Q3 2025 decreased by 31% to 117.7 tonnes as compared to Q3 2024 (171.6 tonnes). 2a: The value of jewellery demand remained rather unchanged at Rs. 1,14,270 crores, compared
to Rs. 1,14,300 crores recorded in Q3 2024.
3: Total Investment demand for Q3 2025 was at 91.6 tonnes, increased by 20% in comparison to Q3 2024 (76.7 tonnes). 3a: In value terms, gold Investment demand in Q3 2025 was Rs. 88,970 crores, up by 74% from Q3 2024 (Rs. 51,080 crores).
4: Total gold recycled in India in Q3 2025 was 21.8 tonnes, down by 7% compared to 23.4 tonnes in Q3 2024.
5: Total gold imports in India in Q3 2025 was 194.6 tonnes, down by 37% compared to 308.2 tonnes in Q3 2024.
6: US$/oz average quarterly price in Q3 2025 was US$ 3,456.5 in comparison to US$ 2,474.3 in Q3 2024. 7: INR/10g average quarterly price in Q3 2025 was INR 97,074.9 in comparison to INR 66,614.1 in Q3 2024 (without import duty and GST).
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