Gold sales in India crashed by a massive 60% in June

Gold sales across India slumped by a staggering 60% in June, marking the most dramatic dip since the pandemic. The reason? Prices have surged to nearly ₹94,000 per 10 grams, making buyers wary and pushing many to hold back.

Retail demand, which usually sees a steady rise during mid-year months, has weakened significantly. Even the wedding season couldn’t lift spirits in jewellery stores. Several jewellers noted a sharp drop in customer footfall, with many trying to attract buyers using discounts and flexible payment schemes. Yet, the response hasn’t been encouraging.

Market experts say the price hike is largely driven by global uncertainties and market tensions, which continue to drive up rates. While some investors still view gold as a secure asset, regular consumers are stepping away from the glitter.

Jewellers are now looking towards the upcoming festive season, hoping sentiment might improve and revive interest. For now, the golden sparkle seems dulled, as buyers hold off, waiting for prices to cool.