In Q3 2023, India witnessed a spike in gold bar and coin investments, totaling 55 tonnes, marking the highest for a third quarter since 2015. This surge, reflecting a 20% YoY increase and a notable rise above the five-year quarterly average, was driven by investors anticipating a price recovery in Q4 during the festive season. Despite robust demand, concerns loom as rising gold prices may dampen purchases during Diwali and Dusherra. Globally, gold demand in Q3 outpaced the five-year average but weakened 6% YoY. India, the second-largest gold consumer, reported a 10% YoY rise in demand but faces challenges due to elevated local prices.