World Gold Council – India Gold Market Update, Nov 2025

The report covers the trends and developments in the Indian gold market as of November 2025.

Gold prices continue to rise due to a weakening US dollar and strong investment flows. Jewellery gold volumes have fallen year-on-year, but the value has increased due to higher prices. Investment demand for gold remains strong and stable. Indian gold ETF inflows are strong but have slowed compared to the previous two months. RBI gold purchases have slowed, but valuation gains have increased the reserve share. Gold imports dropped sharply in November following the post-festive demand slowdown. The period from mid-December to mid-January is expected to see weaker jewellery demand, while investment interest is likely to continue. Domestic gold prices have outperformed international prices, helped by depreciation of the Indian Rupee. Discounts on domestic gold prices have widened significantly, reflecting slower jewellery demand. Jewellery demand is pressured by high prices and affordability issues, especially in mid- and small-ticket segments. Luxury jewellery demand remains strong but does not offset overall volume declines. Larger jewellers report healthier sales compared to small and standalone jewellers.