Summary

• International gold prices pull back to broadly flat y-t-d, domestic prices rise 13%, supported by the recent duty hike and INR depreciation.
• Domestic price discounts retreat from May highs.
• Seasonal lull weighs on gold jewellery demand, bar and coin buying also moderates.
• Indian gold ETFs see record May outflows on profit taking, inflows resume in June.
• Gold imports cool after duty hike, but remain higher y/y.

Gold's gains ease

Gold's returns have moderated from the highs seen in early 2026. As of 15 June, international and domestic gold prices were down 4.2% and 3.7%, respectively, from the end of May. However, y-t-d performance diverges: while international prices are broadly flat