The record
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- Prime Minister Narendra Modi appealed to citizens on 10 May 2026 to avoid buying new gold for a year, to conserve forex reserves amid West Asia tensions and rising crude oil prices.
- Despite this, World Gold Council data show Indians spent about 65,000 crore rupees more on gold in the April-June 2026 quarter than the same period last year, totalling 1,65,400 crore rupees versus 1,00,400 crore in 2025.
- Gold demand in weight actually fell, from 139.7 tonnes to 131.4 tonnes, but sharply higher gold prices pushed up the total value spent.
- Buyers shifted from heavy jewellery to lighter designs and to bars and coins as investment, reflecting gold's appeal amid record prices.
What to watch next
- Whether the festive season (Dhanteras and Diwali) and monsoon conditions lift or dampen gold demand in the second half of the year
- How high gold prices continue to affect jewellery demand versus investment buying in bars and coins
- The impact of the Prime Minister's gold-buying appeal on consumer behaviour going forward
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Named India · Narendra Modi · West Asia · World Gold Council
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