Gold demand down 30% in September quarter as high prices hurt jewellery sales

Gold demand fell roughly 30% in the September quarter, with jewellery purchases weakening as elevated prices deterred price-sensitive buyers, particularly in price-sensitive markets such as India. The transmission runs through the consumer demand channel: higher spot prices raise the effective cost of physical gold for retail buyers, compressing volumes even where investment and central bank demand remain firm. Physical jewellery demand is the most directly exposed segment, and regional dealers and jewellers face lower throughput, while the broader gold price is sensitive to whether softer retail offtake is offset by bar, coin, and official-sector buying. The next catalyst for traders to watch is the World Gold Council's quarterly demand trends data and any subsequent Indian import figures, which will show whether the weakness in jewellery is being absorbed by investment flows.

Gold (XAU/USD) is a safe-haven asset and inflation hedge. Major drivers include Fed policy (real yields), central bank buying (PBOC, RBI), ETF flows, and geopolitical risk. Gold often moves inversely to DXY and real US yields.

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