The average price of gold in Mumbai stood at approximately 60,623 Indian rupees per ten grams during the financial year 2024, up from 53,000 Indian rupees per ten grams in the previous year. Nevertheless, the price of gold in the Indian city has experienced an overall increase in recent years.

Gold fell to 3,333.04 USD/t.oz on July 2, 2025, down 0.16% from the previous day. Over the past month, Gold's price has fallen 0.61%, but it is still 41.30% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gold - values, historical data, forecasts and news - updated on July of 2025.

In April 2020, the price of gold in India was 1683.2 U.S. dollars per troy ounce, a decrease compared to the previous year. This can be attributed to the COVID-19 pandemic during which the country was under lockdown. In addition, the gold price in January 2020 was 1560.7 U.S. dollars per troy ounce, which was a decrease compared to the year before.

Get the latest insights on price movement and trend analysis of Gold in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

The average monthly prices for gold increased worldwide between January 2014 and May 2025, although with some fluctuations. In January 2014, the average monthly price for gold worldwide stood at ******** nominal U.S. dollars per troy ounce. Significant jumps in the gold prices were observed, especially in the periods of uncertainty, as the investors tend to see gold as a safe investment option. For instance, the Corona pandemic acted as a shock to the economy, resulting in substantial increases in gold prices in 2020. As of May 2025, gold valued at ******** U.S. dollars per ounce, the highest value reported during this period.

Bullion Price: Monthly Average: Mumbai: Gold: Standard data was reported at 84,995.000 INR/10 g in Feb 2025. This records an increase from the previous number of 79,079.000 INR/10 g for Jan 2025. Bullion Price: Monthly Average: Mumbai: Gold: Standard data is updated monthly, averaging 9,691.000 INR/10 g from Apr 1990 (Median) to Feb 2025, with 419 observations. The data reached an all-time high of 84,995.000 INR/10 g in Feb 2025 and a record low of 3,285.000 INR/10 g in Jul 1990. Bullion Price: Monthly Average: Mumbai: Gold: Standard data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under Global Database’s India – Table IN.PG002: Memo Items: Bullion Price.

After three years of decline, the Indian gold market increased by 162% to $X in 2021. In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

The price of gold per troy ounce increased considerably between 1990 and 2025, despite some fluctuations. A troy ounce is the international common unit of weight used for precious metals and is approximately **** grams. At the end of 2024, a troy ounce of gold cost ******* U.S. dollars. As of * June 2025, it increased considerably to ******** U.S. dollars. Price of – additional information In 2000, the price of gold was at its lowest since 1990, with a troy ounce of gold costing ***** U.S. dollars in that year. Since then, gold prices have been rising and after the economic crisis of 2008, the price of gold rose at higher rates than ever before as the market began to see gold as an increasingly good investment. History has shown, gold is seen as a good investment in times of uncertainty because it can or is thought to function as a good store of value against a declining currency as well as providing protection against inflation. However, unlike other commodities, once gold is mined it does not get used up like other commodities (for example, such as gasoline). So while gold may be a good investment at times, the supply demand argument does not apply to gold. Nonetheless, the demand for gold has been mostly consistent.

The dataset contains year- and month-wise compiled data on the average prices of Gold (Standard) and Silver at Mumbai in India

The demand for gold across India was about *** metric tons in 2024. This represented an increase of five percent in comparison to the previous year, when the gold demand was *** metric tons. Gold supply Gold demand in India is principally met through imports. India is one of the leading countries for gold imports. In financial year 2022, the value of India’s gold imports was estimated at over *** trillion Indian rupees. The import of gold was a major cause for the country’s trade deficit. To curb imports, the Modi government changed India’s gold import policy. This was done by introducing a higher import duty and allowing import only via nominated agencies which were notified by the Reserve Bank of India and the Directorate General of Foreign Trade. The country produces a minimal amount of its gold needs through local mining. The volume of gold mined in India has remained below * metric tons since financial year 2013, while a small amount is also generated by the recycling the precious metal. Reasons to purchase gold Gold purchases are considered an important source of investment. Weddings and festivals across the country lead to major gold sales. Around ** percent of annual sales come from Deepavali, the Hindu festival of lights. The precious metal is considered auspicious and is worn on important occasions and ceremonies in India, mainly in the form of jewelry. Since 2010, more than *** metric tons of gold jewelry are consumed in the country every year.

Between January 1971 and May 2025, gold had average annual returns of **** percent, which was only slightly more than the return of commodities, with an annual average of around eight percent. The annual return of gold was over ** percent in 2024. What is the total global demand for gold? The global demand for gold remains robust owing to its historical importance, financial stability, and cultural appeal. During economic uncertainty, investors look for a safe haven, while emerging markets fuel jewelry demand. A distinct contrast transpired during COVID-19, when the global demand for gold experienced a sharp decline in 2020 owing to a reduction in consumer spending. However, the subsequent years saw an increase in demand for the precious metal. How much gold is produced worldwide? The production of gold depends mainly on geological formations, market demand, and the cost of production. These factors have a significant impact on the discovery, extraction, and economic viability of gold mining operations worldwide. In 2024, the worldwide production of gold was expected to reach *** million ounces, and it is anticipated that the rate of growth will increase as exploration technologies improve, gold prices rise, and mining practices improve.

Intraday 1 minute sample data for Gold MIni - India MCXGOM timestamped in Chicago time

Gold Bullion Market Outlook

According to our latest research, the global gold bullion market size reached USD 248.5 billion in 2024, and it is expected to grow at a CAGR of 4.7% during the forecast period, reaching approximately USD 373.4 billion by 2033. This healthy growth trajectory is primarily attributed to the increasing demand for safe-haven assets amid global economic uncertainties, rising geopolitical tensions, and a persistent appetite for portfolio diversification among both institutional and individual investors. The gold bullion market continues to benefit from its reputation as a reliable store of value, particularly during periods of inflation and currency depreciation, as per our comprehensive market analysis for 2025.

One of the most significant growth factors for the gold bullion market is the heightened volatility and uncertainty in global financial markets. Investors, both retail and institutional, are increasingly turning towards gold bullion as a hedge against inflation, currency fluctuations, and geopolitical risks. The persistent low-interest-rate environment, coupled with concerns over sovereign debt and fiscal imbalances in major economies, has further fueled the demand for physical gold. Central banks, especially in emerging markets, have been augmenting their gold reserves to diversify away from the US dollar and other fiat currencies, providing a strong and sustained impetus to the gold bullion market.

Another key driver propelling the gold bullion market is the growing accessibility and innovation in distribution channels. The proliferation of online platforms and digital gold investment products has democratized access to gold bullion, enabling a broader base of individual investors to participate in the market. This trend is further amplified by the introduction of fractional gold ownership, secure storage solutions, and transparent pricing mechanisms, which have collectively enhanced investor confidence and convenience. Additionally, the rise of gold-backed exchange-traded funds (ETFs) and other financial instruments has expanded the avenues for gold investment, reinforcing the market’s growth momentum.

Sustainability and ethical sourcing concerns are also shaping the gold bullion market landscape. Increasing awareness about responsible mining practices and the environmental and social impact of gold extraction has led to the emergence of certified, conflict-free bullion products. Regulatory initiatives and industry-led standards, such as the London Bullion Market Association (LBMA) Responsible Gold Guidance, are driving transparency and traceability across the supply chain. These developments are not only addressing investor concerns but also attracting a new segment of environmentally and socially conscious buyers, further supporting market expansion.

From a regional perspective, the Asia Pacific region remains the dominant force in the gold bullion market, driven by robust demand in countries like China and India, where gold holds deep cultural and economic significance. North America and Europe also represent substantial market shares, supported by strong institutional investment and central bank activity. Meanwhile, the Middle East & Africa and Latin America are emerging as important markets, buoyed by rising wealth levels, favorable regulatory environments, and increasing financial inclusion. The regional diversity in demand drivers underscores the global appeal and resilience of the gold bullion market.

Product Type Analysis

The gold bullion market is segmented by product type into bars, coins, rounds, and others, each catering to distinct investor preferences and use cases. Gold bars, often regarded as the standard investment vehicle for institutional buyers and high-net-worth individuals, account for the largest share of the market. Their appeal lies in their high purity, lower premiums over spot prices, and ease of storage and transport, making them the preferred choice for those seeking to make substantial investments in physical

Silver rose to 37.04 USD/t.oz on July 3, 2025, up 1.30% from the previous day. Over the past month, Silver's price has risen 7.35%, and is up 21.97% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Silver - values, historical data, forecasts and news - updated on July of 2025.

India imported more than 3.7 trillion Indian rupees worth of gold in fiscal year 2024. This represented a significant increase in comparison to the previous year. The gold exports from India were valued at 265 million U.S. dollars for the same year. India's place in the global gold industry In 2023, India ranked as the fifth-largest gold importing country worldwide based on value, having amounted to nearly 47 billion U.S. dollars, and accounting for over nine percent of global gold imports. In terms of output, India produced about 780 kilograms of gold in financial year 2023, while the global mine production of gold amounted to 3,100 metric tons in 2022. Accordingly, India's relatively low domestic gold output means that the country needs to import significant quantities to meet demand. The mining industry in India India’s mining industry is essential for the country’s economy, contributing around 2.5 percent to its gross domestic product (GDP) and providing some 700,000 jobs. As of 2023, the number of reporting mines in India was estimated at 1,426, less than half the amount in 2015. Despite its meaningful contribution to the nation’s economy, mining in India is also controversial due to its environmental impact and human rights violations.

Gold is the most popular precious metal in the investment industry. The rate of return for gold investments fluctuated significantly during the period from 2002 to 2024 but generated positive returns in most years of the observed period. The return of gold as an investment reached almost ** percent in 2024, one of the highest recorded. Why is gold valuable? Gold is a precious metal with several practical uses, particularly in technology. For example, NASA uses gold to improve its lasers and protect sensitive things in space, including a part of the visor for its astronauts. However, a large share of the demand for gold worldwide is as an investment, particularly by central banks. Gold serves the purpose of an alternative to currency because it is relatively scarce but still has enough mine production to serve the financial sector. Gold as an investment Under the Bretton Woods agreement after World War II, the world’s major currencies were tied to the value of gold. This system, called the Gold Standard, ended in 1971. Still, most countries maintain significant gold reserves. Due to this history and the overall faith in the value of gold, the average gold price tends to increase in times of recession, making it an attractive investment in uncertain times.

NCDEX: Spot Price: Gold Premium/Discount: Ahmedabad: Second Session data was reported at -12.000 USD/Troy oz in 15 May 2025. This records a decrease from the previous number of -11.750 USD/Troy oz for 14 May 2025. NCDEX: Spot Price: Gold Premium/Discount: Ahmedabad: Second Session data is updated daily, averaging -4.000 USD/Troy oz from Jan 2023 (Median) to 15 May 2025, with 578 observations. The data reached an all-time high of 28.000 USD/Troy oz in 23 Jul 2024 and a record low of -78.000 USD/Troy oz in 18 Jul 2024. NCDEX: Spot Price: Gold Premium/Discount: Ahmedabad: Second Session data remains active status in CEIC and is reported by National Commodity & Derivatives Exchange Limited. The data is categorized under India Premium Database’s Price – Table IN.PB001: Commodities Spot Price: National Commodity & Derivatives Exchange Limited.

Gold Target Market Outlook

The global gold target market size was valued at approximately USD 2.5 trillion in 2023 and is projected to reach around USD 3.7 trillion by 2032, growing at a compound annual growth rate (CAGR) of 4.3% during the forecast period. This steady growth is driven by various factors including increasing geopolitical uncertainties, inflation hedging characteristics of gold, and rising demand across different applications. The intrinsic value and limited supply of gold continue to make it a safe haven investment in times of economic volatility, further solidifying its role in diverse portfolios worldwide.

One of the significant growth factors driving the gold target market is the persistent demand for gold as a hedge against inflation and currency devaluation. In the face of fluctuating global economies and the ongoing volatility in currency markets, investors often turn to gold as a means to preserve wealth. The metalÂ’s ability to maintain its value over time makes it an attractive asset, especially in regions experiencing high inflation rates. Moreover, central banks continue to increase their gold reserves as part of their monetary policy strategies, thereby fueling demand in this market segment.

Another crucial factor contributing to the growth of the gold market is the expanding middle class and rising disposable incomes, particularly in developing economies. As incomes rise, so does the demand for luxury items, including gold jewelry. Countries like India and China, which have deep-rooted cultural affinities with gold, are witnessing significant increases in gold consumption for both investment and ornamental purposes. This cultural significance, combined with economic growth, has positioned the Asia Pacific region as a major consumer of gold, bolstering the market's global expansion.

Technological advancements and innovations in gold mining and refining processes are also propelling market growth. Modern techniques and equipment have improved the efficiency of gold extraction and processing, reducing costs and increasing output. Additionally, the development of new financial products like gold-backed exchange-traded funds (ETFs) has made gold investments more accessible to a broader range of investors. The convenience and flexibility of these products have attracted both retail and institutional investors, further driving market demand.

The emergence of Edible Gold Beverage is an intriguing development in the gold market, blending luxury with culinary innovation. This unique product taps into the growing trend of gourmet experiences, where consumers seek novel and opulent ways to indulge. Edible gold, known for its non-toxic and inert properties, is increasingly being used to enhance beverages, offering a visually stunning and luxurious appeal. This trend is particularly popular in high-end restaurants and events, where presentation and exclusivity are paramount. The incorporation of gold into beverages not only elevates the sensory experience but also aligns with the cultural significance of gold as a symbol of wealth and celebration. As consumer preferences evolve towards unique and extravagant experiences, the Edible Gold Beverage market is poised for growth, attracting both connoisseurs and curious consumers alike.

Regionally, Asia Pacific dominates the gold target market, accounting for a significant share due to its large population, cultural affinity for gold, and increasing economic power. North America and Europe follow with substantial market contributions, driven by investment demand and industrial applications. The Middle East, with its strong cultural and economic ties to gold, also presents a lucrative market, while Latin America is emerging as a notable player due to its rich natural gold reserves and growing investments in mining infrastructure.

Product Type Analysis

The segmentation of the gold market by product type includes bullion, coins, jewelry, and exchange-traded funds (ETFs). Gold bullion, comprising bars and ingots, represents a significant portion of the market due to its traditional use as a store of value and its appeal to both retail and institutional investors. As a tangible asset, bullion is favored for its purity and weight, often considered the most direct way to hold gold. The demand for bullion remains robust amidst economic uncertainties, with investors seeking security against market fluctuations and geopolitical tensions.

Coins are

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India Jewelry Market Size 2025-2029

The India jewelry market size is forecast to increase by USD 25.6 billion at a CAGR of 5.9% between 2024 and 2029.

The India Jewelry Market is segmented by type (gold, diamond, others), distribution channel (specialist retailers, online), end-user (women, men), product type (necklaces and chains, earrings, others), and geography (APAC: India). This segmentation reflects the market's vibrancy, driven by strong cultural demand for gold and growing interest in diamond jewelry among women and men, with specialist retailers dominating but online platforms rapidly expanding, particularly for necklaces and chains and earrings in urban India.
The Indian jewelry market is characterized by its rich cultural significance and growing consumer base. Jewelry holds a special place in Indian society, often serving as a symbol of status, tradition, percious metal and personal expression. This cultural attachment, coupled with the increasing disposable income and urbanization, fuels the demand for jewelry in India. Another key trend shaping the market is the rise of online sales. With the growing internet penetration and the convenience of shopping from home, more consumers are opting for online jewelry purchases. This shift towards e-commerce platforms offers significant opportunities for businesses to expand their reach and cater to a wider audience.
However, the market faces challenges as well. The high price of gold, a primary material for jewelry in India, poses a significant obstacle for many consumers. Affordability remains a critical concern, and businesses must find innovative ways to offer competitive pricing or value-added services to attract price-sensitive consumers. In summary, the Indian jewelry market presents a unique blend of opportunities and challenges, with cultural significance driving demand, online sales on the rise, and high gold prices posing affordability concerns. Companies seeking to capitalize on these opportunities must stay attuned to consumer preferences and adapt to the evolving market landscape.

What will be the size of the India Jewelry Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The Indian jewelry market, a significant contributor to the country's economy, is marked by diverse offerings and dynamic trends. Quality assurance plays a crucial role in maintaining customer trust, with sustainability initiatives gaining prominence. Gift jewelry and diamond , a key segment, experiences high demand during festivals and special occasions. Public relations and advertising campaigns help brands differentiate themselves through competitive advantages and brand positioning. Wholesale jewelry businesses employ pricing strategies to cater to various customer segments, while occasion jewelry and ethnic jewelry cater to specific markets. Risk management is essential for businesses dealing with precious metals and stones.
Sales promotion and distribution networks ensure products reach customers efficiently. Custom jewelry and handmade jewelry continue to attract niche jewelry markets, with social media marketing and influencer collaborations driving sales. Data analytics and inventory management tools help businesses optimize operations. Vintage and antique jewelry styles, influenced by tradition and cultural heritage, remain popular. Online marketing channels expand reach and accessibility, making jewelry more accessible to a broader audience.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Gold
  Diamond
  Others


Distribution Channel

  Specialist retailers
  Online


End-user

  Women
  Men


Product Type

  Necklaces and chains
  Earrings
  Others


Geography

  APAC

    India

By Type Insights

The gold segment is estimated to witness significant growth during the forecast period.

The Indian jewelry market is characterized by a strong focus on gold jewelry, driven by cultural traditions and rising income levels. Gold's popularity is influenced by various factors, including international and national price fluctuations. These prices are affected by inflation, financial regulations, and international trade. The younger generation's preferences are shifting, with alternative materials and designs gaining traction. However, gold remains a preferred choice for special occasions and an investment option. Metal casting and jewelry repair services are essential components of the market, ensuring the longevity and maintenance of jewelry pieces. Ethical sourcing is increasingly important to consumers, leading

In 2024, the average nominal price of silver in India was ****** Indian rupees for one kilogram, which was an increase of over ****** rupees from the previous year, and the highest figure during the period of consideration.