Indian households sold ~50 tonnes of gold in Apr-Jun amid price-crash fears, lifting recycled supply
Old-gold volumes jumped 40% at buyers like Muthoot Exim as households cashed in at ₹1,43,220/10g, fearing a slide toward ₹1.2 lakh. Sales rose 43% YoY, with 2026 recycled gold seen at 200-250 tonnes—boosting domestic feedstock for jewellers and coin makers.
What happened
Indian households sold ~50 tonnes of gold in Apr-Jun amid price-crash fears, lifting old-gold volumes 40% at buyers like Muthoot Exim and boosting domestic
Key facts
- 50 tonnes sold Apr-Jun
- 43% YoY rise
- gold ₹1,43,220/10g
- potential drop to ₹1.2 lakh/10g
- 40% rise in old gold volumes (Muthoot Exim)
- $5 trillion household gold
- recycled gold 200-250 tonnes 2026E
Why this matters
Recyclers and aggregators like Muthoot Exim are capturing the recycled-gold flow, making buyback platforms and refining capacity attractive acquisition or partnership targets.
What to watch
- Gold price trajectory toward ₹1.2 lakh vs rebound above ₹1.45 lakh
- Festive-season (Dhanteras/Diwali) jewellery demand and gross fabrication volumes
- Import volume data — falling imports confirm recycled feedstock substitution
- Customs duty or GST policy changes on gold imports/scrap
- Rural income/monsoon indicators signaling household liquidity stress
- Jewellers lock in domestic scrap supply contracts to cut import/duty costs ahead of festive season
- Refiners and coin makers expand recycling capacity to absorb 200-250 tonne 2026 feedstock projection
- Organized buyers (Muthoot Exim peers) scale collection points and marketing to capture old-gold flows
- Hedging desks watch for inventory revaluation risk if spot price reverses upward