Indians spend ₹2.42 lakh cr on gold in Q3 despite 29% demand crash

India's gold demand declined 29% year-on-year to 162.5 tonnes in the July-September quarter of 2026, according to World Gold Council. However, demand value rose 3% to ₹2,41,900 crore from ₹2,35,090 crore in the corresponding quarter last year. With domestic gold prices surging 45%, Indians are purchasing smaller quantities while continuing to allocate substantial sums to gold.