Bars & coins hit 41% of India's gold demand in Q1 CY26 as jewellery share crashes to 25-year low
Investment-grade gold (bars and coins) accounted for 62.3 tonnes or 41% of India's Q1 CY26 gold demand, up from 34% a year ago, per World Gold Council. Jewellery's share slumped to 30%, a 25-year low. Total value hit $10B, a 129% YoY jump. ETF inflows added 19.9 tonnes, signalling a structural pivot from adornment to portfolio allocation.
Gold bars and coins made up 41% of India's gold demand in Q1 CY26 at 62.3 tonnes, signalling a structural shift toward investment buying as jewellery's share fell to a 25-year low of 30%.
Why this matters
World Gold Council data shows a structural shift in Indian gold buying, with investment-grade demand outpacing adornment for the first time in decades as ETF inflows accelerate.
Retail-brand theme steady with 335 signals in 90d, reflecting consistent consumer-side coverage.