India’s Q2 gold demand surge by 30% YoY

 

Gold investment volume up 7% & value grew 54%  

Recently, World Gold Council published India’s Gold Demand Statistics for Q2 2025- for the period of April 2025 to June 2025. At the point, Sachin Jain, Regional CEO, India, World Gold Council said, "As we reflect on the performance of India’s gold market in Q2 2025, it is evident that we are witnessing a pivotal moment in consumer behaviour.  

Despite a 10% decline in physical gold demand volumes to 134.9 tonnes compared to 149.7 tonnes last year, the value of this demand has surged by an impressive 30%. This mirrors the rising price of gold, with the average quarterly global price per ounce reaching US$ 3,280.4 and the domestic price per 10 grams touching INR 90,306.8—clear indicators of gold’s enduring appeal as a safe-haven asset.  

On the investment front, we are encouraged to see a 7% increase in demand volumes, reaching 46.1 tonnes, and a remarkable 54% growth in value to Rs. 41,650 crores. Such figures underscore a deepening strategic commitment among consumers to gold as a long-term store of value.  

On the supply side, gold imports into India have decreased significantly, down 34% to 102.5 tonnes, while gold recycling remains resilient with a modest 1% increase to 23.1 tonnes. This stability suggests that, even at record price levels, consumers are holding on to their gold, reaffirming its status as a prized asset.

Overall, Q2 2025 reinforces gold’s fundamental role in India, shaped by our rich cultural heritage and driven by both investment acumen and the significance of upcoming festive seasons. With total gold demand from January to June at approximately 253 tonnes, we anticipate full-year demand to range between 600 and 700 tonnes.”  

Key High Lights & India Gold Demand Statistics for Q2 2025 (April - June): 1: Demand for gold in India for Q2 2025 was at 134.9 tonnes, down by 10% as compared to overall Q2 demand for 2024 or Year over Year [YoY] (149.7 tonnes), 2: India’s Q2 2025 gold demand value was Rs. 1,21,800 crores, up by 30% as compared to Q2 2024 (Rs. 93,850 crores).  

3: Total Jewellery demand in India for Q2 2025 decreased by 17% to 88.8 tonnes as compared to Q2 2024 (106.5 tonnes), 4: The value of jewellery demand was Rs. 80,150 crores, up by 20% from Rs. 66,810 crores recorded in Q2 2024, 5: Total Investment demand for Q2 2025 was at 46.1 tonnes, increased by 7% in comparison to Q2 2024 (43.1 tonnes).  

6: In value terms, gold Investment demand in Q2 2025 was Rs. 41,650 crores, up by 54% from Q2 2024 (Rs. 27,050 crores), 7: Total gold recycled in India in Q2 2025 was 23.1 tonnes, up by 1% compared to 23 tonnes in Q2 2024, 8: Total gold imports in India in Q2 2025 was 102.5 tonnes, down by 34% compared to 155.2 tonnes in Q2 2024.  

9: US$/oz average quarterly price in Q2 2025 was US$3,280.4 in comparison to US$ 2,338.2 in Q2 2024, 10: INR/10g average quarterly price in Q2 2025 was INR 90,306.8 in comparison to INR 62,700.5 in Q2 2024 (without import duty and GST). 







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