National News
WGC India gold market update: Investment appetite upheld
Highlights
- Gold’s price momentum remains strong, breaching records, with domestic gold prices gaining 13% y-t-d
- Price rises dampen jewellery purchases but boost old gold sales; investment demand is sustained: gold ETFs see healthy inflows in February, although below January’s peak
- The Reserve Bank of India (RBI) gold holdings remains unchanged in February
- Gold imports drop to an 11-month low in February.
Looking ahead
- Expectation is growing that seasonal factors (auspicious days and festivals) and wedding related purchases could lend support to gold demand over the next couple of months. This may not, however, fully compensate for the price-driven constraints in jewellery demand.
Gold’s unprecedented momentum
Gold’s momentum has been exceptionally strong in 2025. So far this year prices have hit 13 new highs1 and have crossed the psychological threshold of US$3,000/oz.2 This performance, which has been replicated across major currencies, is driven by economic trends and sustained investment demand. Geopolitical and economic uncertainty, a weaker USD, lowering of interest rates across economies, and inflation concerns are fuelling investment demand and influencing prices.
So far in 2025,3 the LBMA gold price AM in USD has risen by US$330/oz or 12%, to US$2,999/oz, with over 4% of that increase taking place in the first half of March. The Indian domestic landed price4 has risen in tandem, gaining 17% to reach a record INR88,946/10g. The larger gains can be attributed to weakness in the INR against the USD (1.3% depreciation y-t-d). However, given the weakness in demand – particularly in jewellery – the domestic gold price remains at a discount relative to the landed price. The discount, or spread, between local and landed prices averaged US$12/oz in the first half of March, slightly narrower than the US$17/oz spread observed in February.
Gold remains India’s top performing asset, with y-t-d gains of 13%,5 in sharp contrast with the negative return from domestic equities and notably surpassing gains in fixed income assets (bonds and bank deposits). This underscores the strategic significance of gold in investor portfolios.
Gold ETFs maintain momentum
Indian gold ETFs continued their inflow in February. While lower than January’s record high, they remained healthy, driven by broadening investor interest amid global economic and market uncertainty and the positive momentum in the gold price.
According to the Association of Mutual Funds in India (AMFI), gold ETFs recorded net inflows of INR19.8bn(~US$227mn) in February,6 marking the tenth consecutive month of positive flows. Although lower than January’s peak,7 this surpassed the average net inflow figure (INR14.8bn/US$175mn) recorded over the preceding nine months. February also witnessed significant redemptions, totalling INR7.8bn/US$89.7mn – the highest since April 2024. This may be attributed to profit taking as gold prices surged.
Despite these redemptions, investor participation remained strong with 0.3mn investor accounts (or folios) added during the month, bringing the total number of gold ETF investor accounts to a record 6.8mn, reflecting a growing investor interest in this instrument. Cumulative assets under management (AUM) of gold ETFs grew to INR55.7bn(~US$6.4bn), up 7% m/m and 95% y/y. Overall holdings increased by 2.2t, taking collective holdings to 64.6t. These figures are in line with our initial estimates based on information available at the time.8 Rising investor interest has encouraged fund houses to introduce new gold ETF products, two of which were launched in February, bringing the total number of domestic gold ETFs to 20. At the end of February gold ETFs accounted for 0.9% of total AUM of mutual funds, up from 0.5% a year ago – an indication of the growing traction among investors.
RBI gold reserves stable, share of gold in forex reserves rising
The RBI held off buying gold in February, marking its second pause in three months, according to our estimates based on the bank’s weekly reporting of forex reserves. However, the bank has been increasing its gold holdings consistently since the beginning of 2024, purchasing an average of 6.3t in 12 of the last 14 months. While its gold reserves remained steady at 879t in February, the share of gold in total forex reserves rose to 11.5%,9 the highest on record and almost 4% higher than a year ago. This highlights the RBI’s continued diversification of its forex reserves.
Gold imports decline further
February gold imports fell to their lowest level since March 2024, marking the third consecutive month of decline and a steep drop from November’s highs. This trend reflects the weak demand environment amid high prices. According to Ministry of Commerce data10 the gold import bill for February totalled $2.3bn – a 14% m/m and 63% y/y decline. We estimate that import volume in February ranged between 25t and 30t.
National News
KISNA Diamond and Gold Jewellery Unveils Akshaya Tritiya Campaign
#KhushiyonMeinNivesh
- The campaign brings alive the true meaning of Akshaya Tritiya through a warm, family-led narrative.
- The brand ramps up efforts for Akshaya Tritiya, a key occasion contributing ~15–18% of its annual revenue
- To echo the campaign’s celebration of small occasion-led purchases, the brand has rolled out curated, attractive festive offers for customers.
KISNA Diamond and Gold Jewellery has unveiled its latest campaign, ‘Khushiyon Mein Nivesh’, ahead of Akshaya Tritiya, capturing the deeper cultural significance of the festival through a simple, heartfelt story. Designed as a slice-of-life narrative, the film follows a child’s innocent quest to understand the meaning of “Akshaya”, using a family setting to bring out the emotion and significance of the occasion. The campaign’s theme seamlessly aligns with Kisna’s larger narrative of ‘Khushi ke har pal ke liye Kisna’, reinforcing its commitment to being a part of every joyous moment
About the campaign
The film opens in a warm home on the morning of Akshaya Tritiya, where a young girl curiously asks her grandmother, “Dadi… Akshaya Tritiya kya hota hai?” With gentle wisdom, the grandmother explains, “Akshaya ka matlab hota hai beta… jo kabhi khatam nahi hota… jo hamesha badhta hai.” Still puzzled, the child innocently questions, “Par car to kuch saalon mein purani ho jati hai na… phir wo Akshaya kaise?” Her curiosity sets the tone, carrying into a playful exchange with her father, who hints at a surprise to be revealed later that evening. This builds anticipation as the family steps out together, the child eagerly soaking in the moment.
The story unfolds at a KISNA showroom, where intimate family moments capture the essence of togetherness and discovery. As they explore jewellery, the father gently explains, “Hum invest karte hain khushiyon mein… ye wo khushiyan hain jinki value hamesha badhti hai.” The idea resonates as the child offers her coin, wanting to contribute to this shared happiness. The film closes back at home, where she is surprised with a delicate pendant, her face lighting up as she softly says, “Akshaya!” Ending on an emotional high, the narrative leaves viewers with a simple, enduring thought: “Iss Akshaya Tritiya… invest karein khushiyon mein.”
The campaign features actor Paritosh Tripathi in a key role, alongside a cast of seasoned television actors, bringing relatability and authenticity to the narrative.
Link to the film: https://www.youtube.com/watch?v=kwcGxq-aZfk
Creative Credits:
Conceptualised and executed by D&A
Commenting on the campaign, Ghanshyam Dholakia, Founder & Managing Director, Hari Krishna Group and KISNA Diamond and Gold Jewellery, said:
“Akshaya Tritiya is a festival rooted in meaning and tradition. With this campaign, we wanted to bring that meaning alive in a simple and relatable way. The story reflects how happiness and togetherness are values that grow over time, and jewellery becomes a natural part of those moments.”
Parag Shah, CEO, KISNA Diamond and Gold Jewellery, said:
“At KISNA, we believe jewellery is deeply connected to emotions and the moments people hold close. With ‘Khushiyon Mein Nivesh’, we wanted to tell a story that feels real and relatable, especially through a child’s perspective. The campaign captures how true value lies in happiness that continues to grow, making jewellery a meaningful part of that journey. Akshaya Tritiya remains one of the most significant occasions for us, contributing nearly 15–18% to our annual revenue, and continues to play a key role in driving consumer engagement and overall business performance.”
In line with the spirit of ‘Khushiyon Mein Nivesh’, KISNA has introduced a curated set of festive offers, inviting customers to celebrate the occasion through meaningful purchases. These include up to 40% off on making charges for diamond jewellery, 30% off on gold jewellery, a 7% benefit for armed forces personnel, complimentary silver coins on eligible purchases, and gift vouchers on select transactions, redeemable on subsequent purchases until Dhanteras. Thoughtfully designed for Akshaya Tritiya, these offers encourage customers to mark the occasion with purchases that carry both emotional significance and enduring value.
The campaign will be rolled out across digital platforms, supported by social media amplification, in the lead-up to Akshaya Tritiya.
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