India’s latest gold data highlights how high prices can reduce purchased tonnage while spending and digital participation continue to grow—a useful regional signal for Nepalese readers.
India’s gold demand recovered from the second quarter of 2026 but remained below last year’s level as high prices constrained affordability. The World Gold Council reported Q3 demand of about 162 tonnes, up 24% quarter on quarter but down 29% year on year.
Consumers spent more while receiving less metal
The value of Indian gold demand increased 3% year on year to INR2,419 billion even though tonnage declined. Across the first nine months, demand volume was 12% lower while spending was 38% higher. This gap illustrates why buyers should focus on both the amount paid and the number of grams received.
Jewellery and investment demand moved differently
Jewellery demand rose 33% from Q2 to about 100 tonnes but remained 20% lower than a year earlier. Bar-and-coin demand increased 9% quarter on quarter to 55 tonnes, yet was 40% below the unusually strong comparison period in 2025. Gold ETF demand increased from 3.6 tonnes in Q2 to 5.3 tonnes in Q3.
Digital participation continued to expand
Estimated gross digital-gold purchases reached 4.9 tonnes in Q3, broadly stable from Q2 and higher than 3.4 tonnes a year earlier. For January through September, digital-gold demand rose 76% to 16.3 tonnes. The Council linked this growth to accessibility, convenience and low minimum purchase amounts.
A regional signal—not a direct Nepal price guide
India is a major neighbouring gold market, so its consumer behaviour can provide useful context. Nepal’s final retail price, however, depends on local rates, currency conversion, import conditions, taxes, fees and product availability. Indian demand data should therefore not be used as a direct proxy for the price a customer will receive in Nepal.
Always verify the live Nepalese rate, applicable charges and final gram quantity. This regional market summary is educational and is not investment advice.