Listen. Volatile gold, rising recycling: Is old gold now 40–50% of demand? | Trending Commodity Podcast | EP 11

India’s gold market is influenced by global prices, rupee movement, and changing domestic demand patterns, says Ketan Kothari, whole-time director at Augmont.

Gold has moved from a steady rally into a more volatile phase, even as global prices, currency movements, and domestic demand continue to shape its trajectory in India. In this episode of the Trending Commodity Podcast, host M R Subramani Mancombu speaks with Ketan Kothari, whole-time director at Augmont, about the evolving dynamics of India’s gold market.

The conversation is about how gold pricing is determined by international rates and rupee movement, and why apparent “discounts” in the domestic market are largely a result of supply-demand mismatches and inventory flows rather than structural price cuts. It also discusses India’s continued preference for physical gold—driven by jewellery, coins, and bars—alongside the gradual rise of digital gold and the limitations of gold ETFs in offering physical delivery to retail investors.

Kothari further highlights the growing role of gold recycling in the market, with rising exchange activity contributing a significant share of jewellery transactions and explains how higher prices are pushing more old gold back into circulation. The discussion also touches on how consumers ultimately respond to the final gold price, which includes duties, taxes, and currency impacts.

Published on June 11, 2026