Indian gold bar and coin demand, along with local exchange-traded funds (ETFs) should remain strong in 2026 as investors pivot toward pure investment products amid record-high prices. A World Gold Council report indicates that a gradual shift from jewellery to investment demand is expected to continue supporting the physical bullion market.

The report suggests that equities may remain subdued and less attractive due to high valuations, potential tariffs, and foreign outflows. The report highlights that rampant investment interest in India recently produced two consecutive quarters of demand exceeding 90 tonnes for the first time since 2013. Annual demand also reached its highest level since that year, resulting in a record investment value of USD 32 billion.