A first in India's gold history

Summary: India just crossed a threshold it has never crossed before. Investment demand for gold overtook jewellery demand for the first time. The question worth asking isn't whether gold had a good year; it's what that crossing actually means for your portfolio.

Summary: India just crossed a threshold it has never crossed before. Investment demand for gold overtook jewellery demand for the first time. The question worth asking isn't whether gold had a good year; it's what that crossing actually means for your portfolio. For the first time, Indians bought more gold to invest than to wear. In the January-to-March quarter of 2026, India consumed 82 tonnes for investment through ETFs, coins and bars, compared with 66 tonnes for jewellery, according to the World Gold Council. Bars and coins alone accounted for 62 tonnes. Gold ETFs added another 20 tonnes, a record high. That is a striking break from India’s old gold habit. Jewellery has long been the emotional c