gold demand in india

India's gold demand has plummeted by nearly 70% following a government increase in import duty from 6% to 15%. This, coupled with rising fuel and food prices, has significantly dampened consumer sentiment and spending on discretionary items like gold.

India's gold demand is projected to drop by 50-60 tonnes in 2026, a 10% decrease, following a significant import duty hike. The World Gold Council notes this could also boost unofficial gold inflows, a trend observed historically with higher duties. Consumer sentiment and economic factors will also play a role.

India's enduring love for gold spans centuries, evolving from tradition to modern investment. Women hold vast reserves, and the market is set for significant growth. Digital gold and ETFs are gaining traction alongside traditional jewellery. Gold remains a symbol of prosperity, security, and auspiciousness for Indians across generations.

Indians are adapting their gold purchases, opting for lighter, more affordable jewellery and exploring alternatives like silver and diamonds. While tradition remains strong, consumers are making conscious choices, balancing emotional value with investment prudence. Experts suggest a diversified portfolio, with gold as a long-term hedge, as the industry navigates changing consumer behavior and economic shifts.

Gold price prediction today: Given the geopolitical tensions and a possible change in the US Federal Reserve’s stance, gold prices are likely to see limited upside in the near term, says Vedika Narvekar, Research Analyst - Commodities & Currencies, Anand Rathi Shares and Stock Brokers.

Experts urge India to boost domestic gold mining, citing risks of import reliance. The Jonnagiri project is highlighted as a model for scientific exploration and private investment. Faster approvals and policy stability are crucial to unlock India's vast untapped mineral wealth, reduce foreign exchange outflow, and foster regional development.

Gold price prediction today: For both gold and silver prices, the near-term outlook remains weak, says Vedika Narvekar, Research Analyst - Commodities & Currencies, Anand Rathi Shares and Stock Brokers.

With the upcoming wedding season – a time when gold remains an essential purchase for both investment and its auspicious significance – jewellers share what consumers may choose instead if they are planning to get married this year.

Rising silver prices are fueling a surge of impure silver bars and coins in India, prompting calls for mandatory BIS hallmarking and licensing for refiners. Industry experts report widespread use of scrap silver containing prohibited elements, with limited quality testing infrastructure exacerbating concerns. Commodity exchanges are preparing to introduce quality-certified silver bars to standardize supply and enhance market trust.

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Gold price prediction today: Gold prices may gain if oil prices fall, but the rise is likely to be capped, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.

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The move to up the gold import duty comes days after PM Narendra Modi appeals to citizens to avoid unnecessary gold purchases for a year. But is a hike in duties an effective way to curb consumption? We take a look:

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Sitharaman also pointed out that apart from higher crude oil prices, fertiliser prices have reached “unimaginable” levels, while elevated gold prices are creating challenges on the external sector front.

Gold price prediction today: Gold prices are unlikely to rise too much unless crude oil prices come down for a longer term duration, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.