In Q4 2025, India’s gold demand fell 9% to 241.3 tonnes, while investment surged 26% and jewellery demand declined 23%, reflecting high prices and shifting consumer behaviour
Mumbai: The World Gold Council’s Gold Demand Trends Report for Q4 (October–December) and full-year 2025 shows that in India, overall gold demand declined in volume terms amid record-high prices, while investment demand remained the key growth driver. In Q4 2025, total gold demand fell 9% year-on-year, jewellery demand dropped 23%, while gold investment demand rose 26%.
Demand for gold in India during Q4 2025 stood at 241.3 tonnes, down from 265.8 tonnes in Q4 2024. However, the value of demand increased sharply by 49% year-on-year to Rs 3,03,470 crore. Total gold jewellery demand in India during Q4 2025 declined to 145.3 tonnes compared to 189.8 tonnes a year ago, while the value of jewellery demand rose 26% to Rs 1,82,770 crore, reflecting the impact of elevated gold prices.
Central banks remained active buyers in 2025, with the official sector adding 863 tonnes of gold. Although this was lower than the levels seen in the previous three years, central bank demand continued to be an important contributor to overall global gold demand.
Global jewellery demand softened during the year, declining 18% compared to 2024 due to higher prices. However, the total value of jewellery demand increased 18% year-on-year to US $172 billion, indicating continued consumer spending in value terms.
On the supply side, total gold supply reached a record level. Mine production increased to 3,672 tonnes, while recycling rose by 3%, remaining relatively limited despite elevated gold prices.
Louise Street, Senior Markets Analyst from the World Gold Council, commented, “2025 saw surging demand for gold and rocketing prices. Consumers and investors alike bought and held gold in an environment where economic and geopolitical risks have become the new normal. With economic and geopolitical instability showing little sign of retreat in 2026, momentum from last year’s strong gold demand is likely to persist. In the first month of this year, gold has already pushed past US $5,000/oz for the first time, underscoring gold’s role as a safe haven in uncertain times.”
India Gold Demand Overview: Key Highlights from GDT India Factsheet 2025
According to the Gold Demand Trends Q4 and FY 2025 report:
India’s total gold demand in 2025 stood at 710.9 tonnes, an 11% decline compared to 802.8 tonnes in 2024. Despite the drop in volume, the value of gold demand rose 30% year-on-year to Rs 751,490 crore, up from Rs 575,930 crore.
Total jewellery demand for the year decreased 24% to 430.5 tonnes, while its value increased 12% to Rs 454,390 crore. Investment demand grew 17% to 280.4 tonnes, with its value rising sharply by 73% to Rs 297,100 crore. On the supply side, gold recycling declined 19% to 92.7 tonnes, and gold imports fell 17% to 663.7 tonnes. The average annual gold price in 2025 was US$ 3,431.5 per ounce, compared to US$ 2,386.2 in 2024.
During Q4 2025 (October–December), gold demand in India stood at 241.3 tonnes, down 9% from 265.8 tonnes in Q4 2024, while the value of demand rose 49% year-on-year to Rs 303,470 crore from Rs 203,070 crore. Jewellery demand in the quarter declined 23% to 145.3 tonnes, although its value increased 26% to Rs 182,770 crore compared to Rs 144,980 crore a year earlier.
Investment demand emerged as a strong driver, rising 26% to 96.0 tonnes, with its value more than doubling by 108% to Rs 120,700 crore from Rs 58,090 crore in Q4 2024. Gold recycling during the quarter fell 27% to 21.7 tonnes, while gold imports declined 5% to 215.1 tonnes. The average quarterly gold price in Q4 2025 was US$ 4,135.2 per ounce, compared to US$ 2,663.4 in Q4 2024, while the average price in rupee terms rose to Rs 125,741.6 per 10 grams from Rs 76,402.9 (without import duty and GST).
Commenting on the quarter, Sachin Jain, Regional CEO, India, World Gold Council said, “India’s gold market in Q4 2025 clearly reflected the dual impact of record-high prices and shifting consumer behaviour. Overall, 2025 demand in volume terms was just lower by 11% to 710.9 tonnes but in contrast value wise the demand was up by massive 30% to INR 751,490 crore in comparison to 2024. Looking ahead to 2026, we expect Indian gold demand to be approx. 600-700 tonnes as gold is well positioned to continue benefiting from persistent global uncertainties, a potentially softer interest rate environment, and sustained diversification efforts by global central banks.”
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