Gold investment demand in India rose year-on-year to a record $10.2 billion in the September quarter of 2025, driven by stronger buying amid a festive season and sustained investor interest. This surge contrasts with jewellery demand softness, highlighting a shift toward gold as an investment asset, per the World Gold Council.
According to the World Gold Council’s latest estimates, India’s gold investment demand hit a historic high of $10.2 billion during the July-September 2025 quarter, marking significant year-on-year growth. The increase in investment appetite was fueled by strong inflows into gold exchange-traded funds (ETFs), bar and coin purchases, and heightened interest from urban investors preparing for wedding and festival seasons.
This remarkable growth in investment demand offset softness in gold jewellery consumption, which remained subdued due to elevated local gold prices reaching record highs. Despite this, the overall gold imports surged sharply during the quarter, reflecting robust physical demand for investment.
The WGC notes that gold continues to outperform most asset classes and is viewed as a safe haven amid geopolitical and economic uncertainties. Gold ETFs in India experienced a tenfold monthly inflow increase in June 2025, signaling growing preference for digital gold investment avenues.
Looking ahead, the festival and wedding seasons are expected to further bolster gold’s demand, although price volatility remains a potential dampener.
Key Highlights:
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India’s gold investment demand reached $10.2 billion in Q3 2025, a record high.
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Strong buying in gold ETFs, bars, and coins driven by urban and investor sentiment.
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Jewellery demand remained muted due to record-high gold prices.
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Gold imports surged, reflecting rising physical demand for investment purposes.
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Gold maintains status as a preferred safe-haven asset amid uncertainty.
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Digital gold and ETFs gain traction with significant inflows.
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Festival and wedding seasons poised to boost demand, tempered by price risks.
Sources: World Gold Council, Economic Times, Angel One, Gold.org