Gold demand in Jan-Mar 2026 rose 10%, value surged 99%: WGC

Despite high gold proves the demand for the yellow metal in India in the January to March quarter (Q1 2026) rose 10% Year on Year (YoY) to 150.6 tonnes as compared with 137.4 tonnes in the same period last year. 

India’s Q1, 2026 gold demand value surged 99% to ₹227,530 crore as compared to ₹114,600 crore a year ago according to data released by World Gold Council (WGC) on Wednesday (April 29, 2026).

However, total jewellery demand in India in the quarter decreased by 19% to 66.1 tonnes as compared to 81.6 tonnes in the first quarter of the previous year.

Keeping in line with high gold proves the value of jewellery demand increased by 47% at ₹99,920 crore, compared to ₹ 68,050 crore recorded in Q1 2025, WGC data showed. 

Total Bar and Coin demand for Q1 2026 was at 62.3 tonnes, up 34% over 46.7 tonnes in the year ago period. 

In value terms, gold Bar and Coin demand in the quarter surged 142% to ₹94,130 crore from ₹38,900 crore a year ago. 

Total gold ETF demand for Q1 2026 was at 19.9 tonnes, up 197% in comparison to 6.7 tonnes a year ago.

In value terms, gold ETF demand skyrocketed 437% to ₹30,000 crore from ₹ 5,590 crore a year ago.

Total gold recycled in India in Q1 2026 was 31.2 tonnes, up by 20% compared to 26.0 tonnes in Q1 2025, WGC said.

Total gold imports in India surged 39% to 196.4 tonnes in the quarter from 141.2 tonnes a year ago.

The average quarterly price of an ounce of good in Q1 2026 was $4,873 in comparison to $2,860 in Q1 2025.

The average quarterly price of 10 gram gold in Q1 2026 was ₹1,51,105 as compared with ₹83,375 without import duty and GST. 

“India’s gold market in Q1 2026 reflects a continued divergence between volume trends and value growth, shaped by record-high prices and evolving consumer preferences,” said Sachin Jain, Regional CEO, India, WGC.

He said when jewellery demand faced notable headwinds during the quarter, investment demand emerged as a key driver of overall growth. 

“This strong momentum highlights increasing investor confidence in gold as a strategic asset, supported by heightened global uncertainties and its role as an effective hedge against inflation and market volatility,” he said.

On the future he said while elevated prices may act as a near-term headwind for jewellery demand, the summer wedding season and regional festivals would provide support, building on the momentum seen during Akshaya Tritiya. 

“At the same time, investment demand is likely to remain resilient, with gold continuing to be viewed as a safe-haven asset and an important portfolio diversifier amid ongoing global uncertainties. We estimate full year demand to be in the range of 650-750 tonnes,” he stated.