Gold loses 21% from January peak, but India's gold prices fall 15%
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓International gold prices fell 21.4% from their January 30 peak, but Indian gold prices fell only 14.9%.
- ✓A report by Axis Mutual Fund said the rupee’s depreciation against the US dollar and an increase in gold import duty to 15% in March 2026 helped limit the fall for domestic investors.
Story at a Glance
- Category
- Indian Markets
- Reported By
- The Statesman
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Indian investors saw a relatively smaller decline in gold prices compared with global investors, despite the sharp correction in the precious metal from its January 2026 record high. The rupee's depreciation against the US dollar and an increase in gold import duty helped limit the fall in domestic prices, according to a report by Axis Mutual Fund.
International gold prices, measured in US dollars, declined 21.4% from their peak recorded on January 30, 2026, as of October 30. In comparison, domestic gold prices fell by 14.9% in rupee terms during the same period, indicating that Indian investors experienced a relatively smaller correction.
The report identified two major factors that supported domestic gold prices. The first factor was the depreciation of the Indian rupee, which weakened from around Rs 89 to Rs 96 against the US dollar. Since India imports a substantial portion of its gold requirements, a weaker domestic currency increases the cost of imported gold, cushioning the impact of falling international prices.
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The Statesman
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