The World Gold Council (WGC) indicated in a recent assessment that seasonal purchasing patterns are anticipated to bolster aggregate Q4 gold demand within India, notwithstanding potential limitations on jewellery sales due to elevated pricing and investment activity susceptible to price fluctuations. The report highlighted that Indian gold demand exhibited an upturn from Q2, yet high prices moderated volumes, as Q3 demand advanced 24% q/q to 162 tonnes (t), yet remained 29% lower y/y and 12% lower y-t-d. Expenditure demonstrated greater fortitude, increasing 3% y/y and 38% y-t-d. Jewellery spearheaded the sequential rebound, with demand rising 33% q/q to 100t, facilitated by seasonal buying and diminished late-quarter prices, but remained 20% lower y/y and 18% lower y-t-d. Investment demand reverted from last year’s extraordinary levels, the WGC observed. India’s bar and coin demand increased 9% q/q to 55t but declined 40% y/y against a very robust prior period; ETF demand strengthened to 5.3t from 3.6t in Q2. India’s official bullion imports experienced a sharp contraction, and recycling remained subdued, while initial indications suggest augmented unofficial inflows.