Gold Prices Fall 14.9% in India Compared with 21.4% Global Decline from January Peak
Indian investors faced relatively smaller losses than their other global counterparts since the price correction from a record high in January 2026. Factors that helped support domestic gold prices include a weaker rupee and higher import duties. This led to a smaller dip in rupee-denominated returns compared with the decline in dollar terms, according to the new Axis Mutual Fund report. Global gold prices denominated in USD fell 21.4% from the January 30, 2026 peak to October 30, 2026. Notably, the decline in India's gold prices was 14.9% in rupee terms over the corresponding period. The report attributed two factors that supported India's gold prices in 2026. These were rupee's depreciation, which was from around INR 89 to INR 96 against the USD, and the increase in gold import duty from 6% to 15% in March 2026.
