India’s gold demand witnessed a 15 per cent year-on-year decline to 118.1 tonnes in the January-March quarter of this year, even as value grew 22 per cent to ₹94,030 crore due to surging prices, the World Gold Council (WGC) said on Wednesday.
According to the WGC forecast, India’s gold demand for 2025 is expected to be between 700-800 tonnes.
Gold prices have risen 25 per cent since the beginning of 2025, approaching the key psychological threshold of ₹1,00,000 per 10 grams, affecting consumer buying patterns.
“The elevated prices have impacted affordability. Yet, the enduring cultural significance of gold, especially during Akshaya Tritiya and the upcoming wedding season, continues to support buying sentiment,” WGC India CEO Sachin Jain said in its quarterly report.
According to experts, the gold market is humming with excitement on the auspicious occasion of Akshaya Tritiya, which holds immense cultural significance in India.
“We are seeing footfalls for Akshaya Tritiya at stores and will see a value growth, but quantity is impacted compared with last year. People are doing token purchases and some amount of auspicious buying for those having weddings coming up this year,” said Suvankar Sen, MD and CEO, Senco Gold Ltd.
On Wednesday, gold prices fell by ₹900 to ₹98,550 per 10 grams in the national capital amid a weak trend in international markets, according to the All India Sarafa Association. In Calcutta, pure gold price fell by ₹1,250 to ₹95,250.
