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The Tribune

Gold Nears Record Highs as Indian Investors Move From Lockers to Demat Accounts

AI Market Summary
Indian gold demand is rotating from physical jewellery to ETFs and digital gold, with ETF assets at ₹1.91 lakh crore and MCX futures turnover up 38% m/m, even as imports collapsed 58% y/y. This signals structural demand migration rather than a demand decline. Yet September 4.6% price pullback and weak new folio openings flag fragile momentum, reinforcing sensitivity to Fed policy and the rupee.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.23%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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India's domestic gold prices rose 12% in August to ₹1,58,854 per 10 grams, tracking a 13% jump in the global benchmark to US$4,386 an ounce. Total gold ETF assets in the country climbed to about ₹1.91 lakh crore, backed by 121.3 tonnes of the metal, with year-to-date net inflows of US$4.22 billion. Average daily turnover in MCX gold futures rose 38% month on month to roughly ₹29,500 crore. Physical gold imports fell to US$2.3 billion in August, down 58% from a year earlier.
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