Domestic gold jewellery consumption is expected to decline by 9-10% in FY26 due to a 33% surge in gold prices.Investment demand for bars and coins is projected to grow by around 10% in FY26, accounting for 35% of total gold demand.Organised large retailers are expected to have revenue growth of 14-16% in FY26, supported by gold price appreciation and retail expansion.ICRA anticipates double-digit growth in domestic gold jewellery consumption by value in FY26, despite a projected decline in volumes.