Gold demand drops in India as prices rebound

SENSEX 74,315.61

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CRUDEOIL 9,270.00

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GOLD 147,484.00

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SENSEX 74,315.61

+ 1,533.72

NIFTY 22,997.35

+ 374.65

NIFTY 22,997.35

+ 374.65

CRUDEOIL 9,270.00

+ 154.00

CRUDEOIL 9,270.00

+ 154.00

GOLD 147,484.00

+ 1,636.00

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Consumers are waiting for correction, Indian jeweller says

By Reuters

Updated - October 16, 2026 at 05:32 AM.

Indians will celebrate the Dussehra ⁠festival in October, and Diwali in early November, when buying gold is considered auspicious. | Photo Credit: ARUN SHARMA

Gold demand in ​India was sluggish this week as prices ⁠rebounded, while trading in top consumer China was subdued during the holiday-truncated trading period.

In India, domestic gold prices were trading around ₹150,900 ($1,561.87) per 10 grams on Friday, after falling to ₹145,538 last week, the lowest ‌level in nearly two months.

“Consumers are highly price-sensitive. The ‌moment ⁠prices rise, they hit the pause button and ⁠wait for a correction,” said an Ahmedabad-based jeweller.

Dealers quoted a discount of up to $6 an ounce over official domestic prices this week, inclusive ​of 15 per cent import and 3 per cent ‌sales levies, compared to last week’s discount of up to $14.

“Gold discounts have narrowed as imports have declined. If investment demand picks up during the festive season, ‌as it did last year, the market could shift ​to a premium,” said a Mumbai-based dealer with a private bank.

Indians will celebrate the Dussehra ⁠festival in October, and Diwali in early November, when buying gold is considered auspicious.

In China, bullion traded at a premium ‌of $10 an ounce to the global benchmark price. The Chinese markets reopened after the Golden Week holiday on Thursday.

“Activity remains relatively subdued, as many market participants are still in holiday mode. Nevertheless, the positive premium points to underlying physical buying interest as trading resumes,” said Bernard Sin, ‌regional director, Greater China at MKS PAMP.

International spot gold prices rose ​more than 1 per cent, rebounding from a two-month low touched earlier in the week.

In Singapore, gold was ⁠sold between a premium of 50 cents and $1.50 this week, ⁠while in Hong Kong it traded flat-to-$1 premium.

In Japan, gold was sold between a 50-cent discount ‌and a 50-cent premium.

Profit sellers are leading the way this week, a Tokyo-based trader said.

Published on October 9, 2026

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