According to a World Gold Council (WGC) report released on January 30, 2026, India’s Q4 2025 gold demand showed a stark contrast between sectors: record prices caused jewellery demand to drop by 23% to 145.3 tonnes, while total investment demand rose 26% to 96.0 tonnes, indicating a shift towards gold as a hedge against volatility. 

Key Highlights from the WGC Report (Q4 2025 & Outlook):

• Jewellery Demand Decline: Despite the wedding season, high prices and reduced affordability led to a 23% drop in jewellery demand to 145.3 tonnes in Q4.
• Investment Surge: Investment demand (bars/coins) grew strongly, with total investment in Q4 rising 26% year-on-year to 96.0 tonnes, and its value rising 108% to ₹120,700 crores.

• Full-Year 2025 Impact: Overall gold demand in India fell 11% to 710.9 tonnes in 2025.
• Outlook for 2026: The WGC projects India’s total gold demand for 2026 to be in the range of 600-700 tonnes, as high prices continue to affect consumer buying behavior, despite strong investor interest in ETFs and digital gold.
• Import and Recycling: Gold imports in Q4 2025 fell 5% to 215.1 tonnes, and recycling decreased by 27% to 21.7 tonnes, indicating consumers were holding onto existing gold rather than selling. 

The shift highlights a, where record high prices, which saw a 76.5% surge in 2025, have reduced consumer buying of jewelry while encouraging investment. 

source : WGC