World Gold Council – India Gold Market Update, Oct 2025

The report provides an update on the gold market in India as of October 2025, focusing on price trends, demand patterns, and market dynamics.

Gold prices softened from record highs but remained supported. Domestic gold prices slid back into a discount relative to international prices. Gold demand strengthened during the festive period, led by investment buying (bars, coins), but softened afterward. Gold ETFs continued strong momentum with record inflows and new investors. Gold imports surged in October despite the price rally. The upcoming wedding season (November–March) is expected to support jewellery demand. Investment interest in gold is likely to persist amid broadly bullish sentiment. International gold prices hit record highs multiple times in 2025, with a 58% year-to-date gain. Domestic gold prices recorded 63% year-to-date growth, partly due to the depreciation of the Indian rupee. Recent price movements were influenced by geopolitical risk, volatility, US dollar strength, and interest rate expectations.