The total demand was at 139.7 tonnes during the corresponding period last year, according to WGC’s ‘Q2 2026 Gold Demand Trends’ report. “However, it’s been a record in terms of the value of demand. If there is more correction in gold prices and the customs duty is reduced, then we could get to the upper end of this range,” Jain added. “Subdued season, the clarion call of the Prime Minister to buy less gold and hike in Customs Duty, among others, impacted the demand,” he added. Meanwhile, investment demand remained encouraging, with bar and coin demand growing 9 per cent year-on-year to 50.3 tonnes, while Indian Gold ETFs attracted 4.2 tonnes of net inflows despite global outflows.