India's October gold sales seen down 11% as high prices curb festive demand

India's gold sales are projected to fall 11% year-on-year in October 2026 despite a festive buying pickup, as elevated prices continue to dampen demand, according to the India Bullion and Jewellers Association (IBJA). Month-on-month buying improved in October compared to September, but volumes remain below the same period last year. IBJA Secretary Surendra Mehta said no significant recovery is expected in coming weeks, with sales already down 8-10% year-on-year as of September 25. Spot gold traded at Rs 1,43,447 per 10 grams on October 22, up from Rs 1.22-1.34 lakh a year earlier, though below January's record high of over Rs 2 lakh. Jewellers are offering promotions like making charge waivers and gold rate protection to attract consumers.