Indians favor gold investments as jewellery demand drops 19%
Business
Gold is having a moment in India, but not the way you might expect.
In early 2026, more people started buying gold as an investment instead of for jewelry, mostly because subdued equity market returns and rising uncertainty.
Jewelry demand actually fell by 19%, but the value of jewelry demand still hit a record $10 billion, showing that folks are putting their money into gold for its value, not just its looks.
Bar and coin purchases jump 34%
For the first time ever, Indians bought more gold investment demand (82 tons) than jewelry (66 tons).
Bar and coin purchases jumped 34%, nearly matching jewelry sales, a rare sight in India's market.
Overall, over half of all gold bought was for investment reasons as people looked for stability during uncertain times.