Sachin Jain, Regional CEO, India, World Gold Council
“Dhanteras and Diwali are the top-most gold-buying occasion in India. Consumers traditionally plan at least a token purchase, as gold is believed to herald good fortune, wealth, and prosperity, a sentiment visible in the sharp rise in gold buying historically witnessed during this period.
Despite gold prices reaching multiple historic highs through 2025, witnessing an approximate 51.2% year-to-date increase in INR prices by end-September, consumer sentiment and demand for the yellow metal have been positive. Retailers, who had been cautious about their inventories in recent months, are now well-stocked and optimistic. Seasonal and wedding-related demand further fuels purchases, suggesting a vibrant festive season for gold sales.
We anticipate strong consumer buying interest across various gold purchases – from higher cartage gold jewellery to investment products like digital gold, coins, and ETFs. This positive outlook is strongly supported by India registering positive gold ETF flows of US$902mn in September, along with overall gold imports reaching a nine-month high in August 2025, reflecting robust underlying appeal and market readiness for the auspicious period. Overall, we expect gold demand uptick to continue through the Diwali period and till the end of the year due to the wedding season.”
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