India’s gold demand dropped 15% year-on-year to 118.1 tonnes in Q1 2025, though value rose 22% to ₹94,030 crore due to higher prices. Jewelry demand fell 25% to 71.4 tonnes, while investment demand grew 7% to 46.7 tonnes. Gold imports increased 8% to 167.4 tonnes, and global demand rose 1% to 1,206 tonnes, the highest Q1 since 2019.
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