India's gold investment demand tops jewellery for first time ever in March quarter

India's investment demand for gold exceeded jewellery consumption for the first time in the March quarter, the World Gold Council said, as investors shifted into coins, bars and ETFs amid weak equity returns. Investment demand rose 52% year-on-year to 82 tonnes, while jewellery demand fell 19.5% to 66 tonnes, lifting total consumption 10.2% to 151 tonnes. Investment's share of consumption climbed to 54.3%. Inflows into domestic gold ETFs jumped 186% to a record 20 tonnes. The shift reflects nearly doubled domestic gold prices since early 2025 and relatively muted equity gains (Nifty 50 up 2.4%), signalling stronger retail and financial investor appetite for gold and potential continued ETF inflows.