Indian Gold Investment Demand Surpasses Jewellery Sales

Indian gold investment demand hit 82 tons in the March quarter, exceeding jewellery sales for the first time. Investors bought more gold as stock returns fell.

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Insights:

India investment demand for Gold rose 52% to 82 metric tons in the March quarter, surpassing jewelry consumption for the first time. Jewelry demand fell 19.5% to 66 tons as domestic prices nearly doubled since the start of 2025. Investors are pivoting to bullion as the Nifty 50 returned just 2.4% over the same period.

Why Bullion Is Beating Jewelry

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