New Delhi, April 30 -- India's gold market saw a sharp behavioural shift in the first quarter of 2026, with jewellery consumption taking a hit as soaring prices pushed buyers toward investment avenues such as bars, coins and ETFs. According to the latest report from the World Gold Council, jewellery demand in India fell 19% year-on-year to 66.1 tonnes, reflecting the pressure of significantly higher prices.

Domestic gold prices during the quarter were 81% higher compared to the same period last year, making traditional jewellery purchases less affordable. However, in value terms, demand remained strong, hitting a first-quarter record of $10 billion. This highlights a key trend: consumers are buying less gold jewellery by volume but spend...