gold demand in india

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.

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.

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:

India’s gold imports hit a record $71.98 billion in 2025-26, rising over 24% from $58 billion a year earlier. This was largely due to skyrocketing global gold prices, which have bumped up the value of imported gold.

Select Segments Post Growth Despite Overall Slowdown

Rupee depreciation is not new, what is new however is the rapid pace at which it is falling. It’s the biggest risk for India’s external sector resilience at the moment. In just over a year, the rupee has depreciated over 14%.

In Buxar, jewellery merchants express deep concern following Prime Minister Modi's suggestion to curtail gold purchases. They argue that such measures could jeopardize jobs and threaten the livelihood of small enterprises. Gold, they insist, holds immense cultural value and provides financial security for many rural and middle-class households.

In an effort to curb demand, India's finance ministry has doubled the customs duty on gold and silver to 15%, significantly increasing domestic prices. This move follows Prime Minister Modi's appeal to reduce gold purchases, as India is the world's second-largest buyer of the precious metal.

Gold price prediction today: Gold and silver prices are rallying in the domestic market due to the sudden hike in import duties. In the coming days they are expected to align closer to the international prices, says Vedika Narvekar, Research Analyst - Commodities & Currencies, Anand Rathi Shares and Stock Brokers.

India's jewellery industry urges against curbing gold purchases, emphasizing its cultural significance as savings and tradition. Instead, they propose enhanced gold recycling and domestic mobilization to ease foreign exchange pressure. This approach aims to protect millions of livelihoods tied to the sector, from artisans to small businesses, by circulating existing gold rather than stifling demand.

India has significantly increased import tariffs on gold and silver to 15% from 6% to curb imports and protect foreign exchange reserves. This move follows Prime Minister Modi's appeal for citizens to avoid gold purchases for a year, aiming to narrow the trade deficit and support the rupee amid global economic pressures.

The PM wants us to use public transport, shift to electric vehicles, work from home, take fewer vacations abroad, and reduce gold purchases. The reason isn't as sudden as you might think

India has significantly increased import duties on gold and silver to 15% from 6%, aiming to curb rising imports and conserve foreign exchange amid the West Asia crisis. This move follows Prime Minister Modi's appeal for austerity and aims to ease pressure on the rupee and the country's balance of payments.

Prime Minister Narendra Modi's appeal to curb non-essential gold purchases has raised concerns within Odisha's jewellery industry. Jewellers argue gold is integral to traditions, and a slowdown threatens the livelihoods of artisans and goldsmiths who depend on steady demand, especially during wedding and festival seasons.

India has made a bold step forward in its sports strategy by appointing Dave Cousins, a former World No. 1 archer, as the head coach of the compound archery team, a decision aimed at bolstering the nation’s chances for medal success at the Asian Games and the upcoming LA Olympics.

Facing a widening trade deficit, India's Prime Minister urges reduced gold purchases. Industry bodies propose tapping into the nation's vast household gold reserves. Their plan involves using refined household gold for domestic demand and channeling imported gold into jewellery exports via gold metal loans, aiming to boost working capital and cut imports.

Fuel, gold, edible oil, foreign travel, and fertilisers — how much do they cost India, and how much do they matter right now?