J. Rotbart & Co. Releases Analysis of Asian Gold Holding Trends Ahead of India Gold Conference 2026

Indian gold demand fell to 131 tonnes in the second quarter of 2026 while spending hit a quarterly record of about US$21 billion, and recycled supply dropped to an eleven-quarter low. Hong Kong-based precious metals brokerage J. Rotbart & Co. reads India's numbers as part of a wider shift across Asia.

Hong Kong, HONG KONG, Aug. 18, 2026 (GLOBE NEWSWIRE) -- J. Rotbart & Co., an international precious-metals brokerage and storage firm, today released its analysis of Asian gold holding trends ahead of the India Gold Conference 2026 in Goa from 20 to 23 August. The analysis points to India’s latest quarterly figures, where gold demand fell 5.9% from a year earlier to 130.9 tonnes while spending reached a record US$21 billion. It also highlights recycled gold supply falling to 19 tonnes, the lowest level in eleven quarters, despite local prices averaging 59% higher than a year earlier. J. Rotbart & Co. reads the figures as part of a wider regional pattern in which Asian households and investors are holding physical gold rather than selling into higher prices.

Mr. Joshua Rotbart, founder of Precious Metals Brokerage J. Rotbart & Co.

Local prices averaged 59% higher than a year earlier. Buyers paid up rather than walk away.

"Look across Asia and you see the same decision made in different currencies," said Joshua Rotbart, Managing Partner of J. Rotbart & Co. "Indian households chose to pledge their gold rather than sell it. Southeast Asian buyers added bars while Western funds took profits. Across Asia, people see a 60% price gain as a reason to keep gold, and they are choosing wealth preservation over speculation."

The figures land as the gold industry gathers for the India Gold Conference in Goa from 20 to 23 August, this year themed "Recycle, Reform & Re-Innovate".

 

India: less metal, more money, and no scrap

The most telling Indian figure is not demand but supply. Recycled gold means gold sold for cash. It fell to 19 tonnes in the quarter, the lowest in eleven quarters. That is down 17% on the year and 38% on the quarter, despite prices roughly 60% higher.

Households borrowed against their gold instead of selling it. Retail loans against gold jewellery reached US$54 billion at banks by the end of May, up 105% on the year. At non-bank lenders they reached US$34.5 billion, up 70%. Gold loans are now India's second-largest retail lending category after housing.

Policy tightened at the same time. On 13 May 2026 India raised its gold import duty from 6% to 15%, the steepest rise on record. It came days after Prime Minister Narendra Modi urged citizens to limit bullion purchases. For context, Indian demand totalled 710.9 tonnes across 2025, down 11% on the year, and is expected to ease further to between 600 and 700 tonnes in 2026.

 

The same pattern, region-wide

India is not an outlier. It is the largest data point in an Asian pattern.

Southeast Asia bought more investment-grade gold, not less. Bar and coin demand across Indonesia, Malaysia, Singapore, Thailand and Vietnam rose 7.6% on the year to 36.7 tonnes. Global bar and coin demand fell 3% over the same period. Indonesia's demand jumped 40%, among the strongest of any market worldwide.

China's central bank added around 20 tonnes to reserves in July, its 21st straight monthly purchase. When prices paused in the second quarter, gold funds in China shed 22 tonnes and US funds 44 tonnes, while Indian funds stayed positive. Paper positions were trimmed. Physical holdings were not.

The direction was set in 2025, when global gold demand topped 5,000 tonnes for the first time, worth a record US$555 billion. Central banks bought 863 tonnes. Bar and coin investment hit a record US$154 billion in value. More than half of that came from India and China.

 

The flows run through Hong Kong and Singapore

These shifts converge on the two hubs where Asian gold is vaulted, financed and settled. Hong Kong began trials of a central gold clearing system in July 2026 and is expanding its vault capacity under the city's gold hub programme. Singapore is the region's other principal storage and trading centre. Much of what moves through both cities reflects mainland Chinese demand and policy. That makes them the best places from which to read Asia's gold market.

J. Rotbart & Co. operates offices in both cities. From that vantage point, three things stand out for investors. First, secondary supply is tighter than headline prices suggest, because Asia's households are not selling. Second, import policy has become an active variable, as India just showed. Third, the centre of gravity in physical gold keeps moving toward Asian vaults.

"Gold is moving east faster than the headlines suggest. Hong Kong and Singapore are where those flows get stored, financed and settled," Rotbart said. "Policy shifts like India's duty rise show up in these hubs first. It’s further proof that the key question for precious metal ownership isn't what you own, but how your ownership is structured, and in what jurisdictions your assets are kept."

About J. Rotbart & Co.

J. Rotbart & Co. is an international precious-metals brokerage and storage firm. We specialize in the purchasing, logistics, storage, financing, conversions, payments, and liquidations of physical bullion for high-net-worth clients. Founded in 2016, we have traded and stored over US$3 billion in precious metals. We advise private investors, family offices, and institutions seeking long-term capital protection through allocated, fully segregated precious metals ownership. Our founder, Mr. Joshua Rotbart, is one of the world’s leading experts on precious metals investment. He’s a regular keynote speaker at investment conferences and precious metals events, and provides regular commentary for global media outlets. "Markets promise returns. Gold delivers permanence." - Joshua Rotbart

Press Inquiries

Ms. Natpawena Sangusa
natpawena@jrotbart.com
+66813328209
https://jrotbart.com
Suite 1503, Champion Building,
287-291 Des Voeux Road Central,
Sheung Wan, Hong Kong

A video accompanying this announcement is available here: https://youtube.com/watch?v=-PvzlkZpnZg