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March 26, 2026Report: Gold price surge shifting jewellery demand to investment
India’s gold market is transforming, elevated prices and global uncertainty driving a sharp shift from jewellery consumption to investment demand, according to a joint report released Wednesday by the Associated Chambers of Commerce and Industry of India and ICRA Ltd.
Global gold jewellery consumption declined 15% in 2024-25 (Apr-Mar) and fell a further 17% year-on-year in the first half of FY26, while investment demand for bars, coins, and ETFs surged 74% in FY25 and another 60% in the first half of FY26, according to the report.
Despite near-term pressure on jewellery demand due to high prices, the medium-term outlook for India’s gold sector remains supported by investment demand, organised retail expansion, and ongoing regulatory reforms, the report added.
