WGC Revises Down 2025 Gold Demand As Consumption Falls 12 Pc In First Half

Chennai: With gold demand in the first half falling by 12 per cent in the first half of the year, the World Gold Council has lowered the annual demand estimate to 600-700 tonnes. Yet the gold demand value for the first half was above Rs 2 lakh crore.

Demand for gold for Q2 2025 was 134.9 tonnes, down by 10 per cent against 149.7 tonnes in the same quarter last year. Still gold demand in value terms was Rs 1.21 lakh crore, 30 per cent higher than Rs 93,850 crore.

Along with the March quarter, the first half saw demand in volume terms falling by 12 per cent to 252 tonnes against 288 tonnes in the same period last year. Value-wise, the gold demand was up 26 per cent in the first half to Rs 2.15 lakh crore against Rs 1.7 lakh crore in the same period last year.

In the June quarter while jewellery demand was down by 17 per cent to 88 tonnes, investment demand was up by 7 per cent to 46 tonnes.

"Despite a 10 per cent decline in physical gold demand volumes to 134.9 tonnes compared to 149.7 tonnes last year, the value of this demand has surged by an impressive 30 per cent. This mirrors the rising price of gold, with the average quarterly global price per ounce reaching US$ 3,280.4 and the domestic price per 10 grams touching INR 90,306.8—clear indicators of gold’s enduring appeal as a safe-haven asset,” said Sachin Jain, Regional CEO, India, World Gold Council.

Gold imports into India in the June quarter have decreased significantly, down 34 per cent to 102.5 tonnes, while gold recycling remains resilient with a modest 1 per cent increase to 23.1 tonnes

However, with the prices remaining elevated, WGC has revised the annual demand for 2025. “With total gold demand from January to June at approximately 253 tonnes, we anticipate full-year demand to range between 600 and 700 tonnes,” it said, In the March quarter, WGC had estimated demand to be between 700 and 800 tonnes. end