Reserve Bank of India to hold interest rates until at least mid-2027: Reuters poll - Reuters

India holding rates steady for three more years tells me they're prioritizing growth over currency strength. That's bullish for gold demand in the world's second-largest consumer market. Lower rates mean the rupee stays under pressure against the dollar, making gold a natural hedge for Indian savers. We've seen this playbook before. When central banks choose accommodation over hawkishness, local gold demand surges. Indian households already stack 25,000 tonnes. Add wedding season demand plus currency debasement fears, and you get sustained physical buying pressure. This rate policy removes a major headwind for Indian gold imports just as global supply stays tight.