For the first time in India, investment demand for gold overtook jewellery consumption in the March quarter, hitting 82 metric tons versus 66 metric tons. The change is linked to muted equity market returns and rising gold prices, lifting gold’s share to 54.3% of total consumption as overall demand climbed 10.2% to 151 tons.
Global gold demand rose as ETF inflows surged and bar and coin buying accelerated, shifting consumption away from jewellery. Higher prices discouraged discretionary purchases, while investment demand strengthened worldwide and in India amid geopolitical uncertainty, diversification needs, and ongoing central bank gold accumulation.
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