Gold consumption is expected to range between 600 and 700 metric tons, down from 710.9 tons last year the lowest level in five years, according to the Wong's India chief. Jewelry buyers favor steady prices but recent sharp and volatile increases have pushed gold beyond many consumers’ budgets.

Investment through gold Etas is likely to keep rising as weak stock market performance drives investors toward gold for better returns. Gold ETA inflows surged 283% in 2025 to a record 4.67 billion. Local gold prices jumped 76.5% in 2025 while the Nifty 50 gained only 10.5% Jewelry purchases dropped 24% to 430.5 metric tons, one of the lowest levels in nearly 30 years excluding the pandemic hit 2020

In contrast, investment buying climbed 17% to 280.4 tons, the strongest since 2013 making up about 40% of total gold use versus the usual quarter share. With equities likely to remain subdued due to high valuations, tariffs and foreign outflows, demand is expected to shift further from jewelry toward bars and coins. Despite record high prices scrap gold sales fell 19% to 92.7 tons as holders kept their gold in anticipation of further price gains.










