Indian Gold ETF Inflows Climb in September While Imports Drop – WGC

India’s seasonal gold demand is gaining pace amid softer prices, supporting jewelry sales and ETF inflows while September imports and futures activity declined, according to Kavita Chacko of the World Gold Council.

Gold prices dropped 8.5% in September, with domestic prices falling 4.8% to INR 147,613 per 10 grams. Prices stayed range-bound in October as discounts narrowed sharply from $66 to $8 per ounce, signaling stronger festive-season buying.

Listed jewelers posted 20-30% revenue growth. Gold ETFs saw net inflows of INR 44.5 billion, adding 3 tonnes to holdings. Digital gold demand also rose, though some mutual funds have paused new subscriptions to limit imports.