The global gold market has increasingly shifted towards investment-led demand amid persistent economic uncertainty and geopolitical tensions. Global gold jewellery consumption, in volume terms, declined sharply by 15% during FY2025 and further by 17% during H1 FY2026 YoY due to elevated gold prices. However, demand for investment products such as bars, coins and exchange-traded funds (ETFs) surged by 74% in FY2025 and further by 60% in H1 FY2026 on a YoY basis. Central Banks continued significant gold purchases over recent years to diversify their reserves and preserve value, thereby providing a strong underlying support to global gold prices, even as consumer jewellery demand moderated because of gold price inflation.

India emerged as the world’s largest gold jewellery consumer in FY2025, surpassing China, despite a contraction in volumetric demand of around 7% during the year. Cultural affinity to gold, weddings and festivals continues to support jewellery demand, although persistently high prices adversely impacted volumes, which declined by around 26% YoY during H1 FY2026. 

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