India gold demand falls 29% as council cuts 2026 outlook

The World Gold Council cut its 2026 forecast for Indian gold demand after purchases fell 29% year over year in the July-September quarter, as high prices weighed on consumers. It now expects demand of 625 to 675 tonnes for the year, a level that could be the lowest since 2020, when pandemic restrictions sharply curtailed sales. The council reported demand of 162.5 tonnes in the third quarter, down from 229.8 tonnes in the same period of 2025. Demand in the first nine months of 2026 totaled 443.9 tonnes, compared with 506.3 tonnes a year earlier. Sachin Jain, the council’s chief executive for Indian operations, separately estimated full-year demand at about 650 tonnes. Jewellery demand fell 20% year over year to 99.9 tonnes, from 125 tonnes. The council said jewellery demand nevertheless rose 33% from the preceding quarter. Its value increased 16% year over year to 1,48,700 crore rupees, reflecting higher prices even as consumers bought less gold by weight. Bar and coin demand declined 40% to 55 tonnes, while demand for gold-backed exchange-traded funds fell 50% to 5.3 tonnes. The council also reported that net gold imports dropped 46% to 114.1 tonnes in the quarter, from 211.9...