The World Gold Council (WGC) said on Wednesday that, despite a 22% increase in value to Rs94,030 crore owing to rising prices, India’s demand for gold fell 15% year over year to 118.1 tonnes in the January–March quarter of this year.

The WGC predicts that between 700 and 800 tonnes of gold would be needed in India in 2025. Since the start of 2025, gold prices have increased by 25%, getting closer to the crucial psychological barrier of Rs1,00,000 per 10 grammes, which has an impact on consumer purchasing behaviour.

Affordability has been influenced by the higher costs. However, gold’s timeless cultural value still encourages purchasing, particularly in the run-up to Akshaya Tritiya and the wedding season, according to WGC India CEO Sachin Jain’s quarterly report.

On the auspicious day of Akshaya Tritiya, which has great cultural importance in India and often signals a spike in gold purchases, analysts say the gold market is buzzing with excitement.