India's female workforce doubled to 201 million. Rural women's pay fell from 53% to 45% of men's.
97 million more women are working than in 2017-18, mostly as self-employed or unpaid helpers. The pay gap widened, most sharply in villages.
CapitalVia Research Desk ·
Data explainer · 10 Nov 2026
India's gold demand · Q3 2026 (Jul–Sep)
India's Gold Demand, Q3 2026: Indians bought 29% less gold and spent 3% more
The World Gold Council's India numbers for July–September 2026. Gold at ₹1.49 lakh per 10 g means the festive budget stayed roughly the same — the grams did not.
162.5 t
Gold bought in India, Jul–Sep 2026 — jewellery, bars, coins and ETFs. Down from 229.8 t a year earlier.
−29%Tonnes vs Q3 2025
+3%Rupees spent vs Q3 2025
₹2.42 L crValue of gold bought in the quarter
+45%Domestic gold price vs a year ago
Fewer grams, the same bill
Q3 2025 vs Q3 2026, all gold demand in India
Gold bought (tonnes)−29%
Money spent (₹ lakh crore)+3%
₹2,419 billion in Q3 2026 vs ₹2,351 billion in Q3 2025, at MCX spot prices.
Where the gold went
Q3 2026, with the change from Q3 2025
Jewellery
99.9 t
Volume −20% · Spend +16% to ₹1.49 lakh crore. Wedding and festive buying kept the rupees flowing.
Bars & coins
55.0 t
Volume −40% · Spend −13% to ₹0.82 lakh crore, against an exceptional Q3 2025 base.
Gold ETFs
5.3 t
Up from 3.6 t in Q2 2026. Total ETF holdings now around 124 t. Digital gold added another 4.9 t.
What ₹1 lakh buys
9.8 g
Q3 2025 · ₹1,02,287 per 10 g
→
6.7 g
Q3 2026 · ₹1,48,891 per 10 g
Each circle is one gram. A year ago ₹1 lakh bought almost ten; this quarter it bought under seven. The average Indian buyer paid 45% more per gram and took home 31% less.
Seven quarters of gold demand
Tonnes bought in India each quarter, with the rupee value underneath
137
139
230
262
151
131
162.5
Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26
₹1.15₹1.32₹2.35₹3.29₹2.28₹1.97₹2.42
2025 quarters2026 quartersLatestGreen row: ₹ lakh crore spent
January–September 2026: 444 t, down 12% on the same months of 2025 — yet spending rose 38% to ₹6.67 lakh crore.
~50 t
Gold estimated to have entered India through unofficial channels in Q3 2026, up from about 3 t a year earlier, after the import duty rose from 6% to 15% in May. Official bullion imports fell 70% to 64 t. (WGC / Metals Focus estimate.)
What it means
If you draw a salaryThe same Diwali or wedding gold budget now buys about 30% fewer grams than last year. Budget in grams, not rupees, and keep bills — old gold still exchanges at today's price.
If you run a businessJewellers' revenue grew while volumes shrank — a price-led boom, not a demand boom. Sellers of gold-adjacent products should plan for thinner footfall and bigger tickets.
If you lead a companyHouseholds kept spending the same rupees on gold even at record prices. That is money not going to other discretionary categories — a signal for Q4 consumer planning.
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