Mittelstandspresse
02.09.2026
Indians’ Love for Gold Endures — A Tailwind for Gold Miners
Although India’s demand for jewelry is under pressure due to high prices and higher import duties, bullion, coins, ETFs, and gold-backed loans show that gold remains a key store of value.
Herisau, 02.09.2026 (PresseBox) -
Advertisement – This article is distributed on behalf of Osisko Gold Group Inc. and Fury Gold Mines Ltd., with which SRC swiss resource capital AG has paid IR consulting agreements. · Publisher: SRC swiss resource capital AG · Author: Freelance Journalist · First published: August 2, 2026, 5:33 a.m. Zurich/Berlin ·
India is the world’s largest gold jewelry market. The increase in the gold import duty from 6% to 15% in May 2026, combined with a weaker exchange rate, made gold more expensive domestically and put pressure on jewelry demand. In the second quarter, jewelry demand fell by 15% year-over-year to 75.1 metric tons. At the same time, the value of jewelry purchases reached a new quarterly record of 1,132 billion INR — a clear indication of the market’s high adaptability.
Therefore, there is no sign of a decline in the demand for gold. In the first half of 2026, total Indian demand rose by 1.8% to 281.5 metric tons. Bars and coins showed particularly strong growth at 112.5 metric tons, a record high in the World Gold Council’s data series since 2013. ETF demand stood at 23.5 metric tons, up 162.7% from the same period a year earlier. The picture is clear: a portion of demand is shifting from jewelry to more investment-oriented forms of gold.
Gold’s role as a store of value is also coming to the fore. As of the end of May 2026, outstanding gold-backed loans at Indian banks totaled approximately 5.1 trillion INR, according to the World Gold Council — a 105% increase from a year earlier. Gold is thus not only being purchased but also widely held and used as collateral. For gold producers and developers, this structural demand profile represents a positive macroeconomic environment.
Osisko Gold Group: Cariboo on Track for Production!
In July 2026, Osisko Development became Osisko Gold Group Inc. - https://www.commodity-tv.com/play/osisko-gold-group-advancing-cariboo-towards-production-and-generating-profits-from-tintic/ - The new brand identity underscores the company’s focus on a North American gold and precious metals portfolio. At its heart is the 100% owned and fully permitted Cariboo gold project in central British Columbia.
The feasibility study published in 2025 projects, in its base case scenario, an average of approximately 190,000 ounces of gold per year over a ten-year mine life. The study projects first gold production in the second half of 2027 and an average AISC of $1,157 per ounce. These figures are study estimates and depend, among other factors, on the implementation of the construction plan, financing, metal prices, and other assumptions.
Osisko continued to advance its financial and operational preparations in the second quarter of 2026. As of June 30, the company reported approximately CAD 837.3 million in cash and cash equivalents, a completed US$300 million convertible bond offering, ongoing preparatory work at the mine site, and approximately 13,684 meters of infill drilling. Under Appian’s US$450 million project loan facility, approximately CAD 161.4 million had been drawn as of that date. Meeting technical conditions for additional funding improves the financing outlook but does not eliminate execution and debt risks.
Fury Gold: Eau Claire Takes Shape
Fury Gold Mines - https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ - holds a broad-based portfolio of gold and critical minerals in Canada. Following the merger with Québec Precious Metals, the Québec platform encompasses more than 157,000 hectares. The 100% owned Eau Claire gold project is located in the James Bay region and covers more than 24,000 hectares. In addition, Fury holds a stake of 11.3 million shares in Dolly Varden Silver and 1,815,754 shares in Contango Gold & Silver.
The latest results from the ongoing Phase 2 infill program at Eau Claire provide further evidence of the continuity of high-grade mineralization. Drill hole 26EC-125 intersected 14.41 g/t gold over 3.92 m and an additional 7.74 g/t over 1.96 m. A total of 35 drill holes totaling approximately 15,047 m were completed; results were available for 22 holes totaling 11,423 m. All reported holes targeted areas currently classified as inferred resources. The results therefore primarily support the goal of upgrading resources to higher-confidence categories—they do not yet represent reserves.
Eau Claire also has an attractive economic foundation. The preliminary economic assessment (PEA) published in 2025 showed a post-tax NPV5 of CAD 554 million and a post-tax IRR of 41% based on an assumed gold price of USD 2,400 per ounce. Over an 11-year period, the study modeled 834,000 ounces of gold production and an AISC of $1,140 per ounce. Fury continues to work on the technical and environmental foundations and aims to complete a pre-feasibility study in 2027.
Conclusion:
India’s gold market sends an important signal: While high prices and higher import duties are slowing jewelry sales, they are not displacing gold from Indian households’ portfolios. The robust demand for bars, coins, and ETFs, as well as the sharp increase in the volume of gold-backed loans, demonstrate gold’s prominent role as a store of value and a financing instrument.
Osisko Gold Group and Fury Gold are addressing this environment from different stages of development. Osisko has an approved development project in Cariboo and is working on preparations for production. Fury is using drilling at Eau Claire to strengthen the data foundation for the next technical development phase. Both stories thus have clear catalysts. Nevertheless, successful implementation, financing, permits, resource conversion, and the trend in gold prices remain critical factors.
Sources and Methodology
World Gold Council – India Focus Q2 2026: Open original source
Reuters – Indian import duty: Open original source
Osisko Gold Group – Name Change: Open original source
Osisko Gold Group – Q2 2026: Open original source
Osisko Gold Group – Cariboo Feasibility Study: Open original source
Fury Gold – Eau-Claire Drilling Results from August 25, 2026: Open original source
Fury Gold – Portfolio and Projects: Open original source
Methodology/Assumptions: This presentation is based on the cited company announcements, studies, and third-party sources. No proprietary price, DCF, resource, or valuation model was developed, and no independent technical review was conducted. Study results, company targets, forecasts, and timelines are marked accordingly and are subject to change. There is no obligation to provide ongoing updates.
Disclaimer and Disclosure
This promotional article was prepared on September 1, 2026, by a freelance journalist for SRC.
Advertisement, Not Investment Advice: This article is a paid advertisement/marketing communication and not an independent financial analysis. It does not constitute investment advice, an investment recommendation, a solicitation to make an offer, or an offer to buy or sell securities or other financial instruments. No individual assessment of personal circumstances, investment objectives, or risk tolerance is performed.
Risks: Investments in gold, exploration, and development companies are speculative and may result in significant price losses, up to and including total loss. Risks include, in particular, commodity price, currency, liquidity, exploration, geological, metallurgical, permitting, environmental, and indigenous rights risks, as well as construction, commissioning, supply chain, cost, financing, debt, dilution, and execution risks. Past price or company performance is not a reliable indicator of future results.
Compensation and Conflicts of Interest: The clients are Osisko Gold Group Inc. and Fury Gold Mines Limited. SRC swiss resource capital AG has paid IR/communications contracts with both companies. As of the date of publication, the author holds no shares, options, warrants, or other derivatives, nor any direct short positions in Osisko Gold Group or Fury Gold Mines. SRC, its employees, and related parties are not aware of any net long or net short positions of 0.5% or more in the respective issuer. Based on the information available, there are no market-making, liquidity-providing, investment banking, lead/co-lead, or comparable advisory mandates. There is no known stake of at least 5% held by either issuer in JS Research/SRC.
Editorial Responsibility and Company Review: Editorial responsibility lies with SRC. Osisko Gold Group Inc. and Fury Gold Mines Limited have neither reviewed the content for technical accuracy nor approved it prior to publication. Company information, study results, forecasts, and targets are presented as such; the editorial review does not replace a technical, legal, or financial review by the reader.
Transparency and Timeliness: The disclosure identifies the client, compensation, and material circumstances relevant to objectivity. It is based on the transparency requirements for investment recommendations under Article 20 of the Market Abuse Regulation (MAR) and on the Principles for Promotional Communications published by the BCSC. This does not imply any regulatory review or approval. External sources and company information may be amended or supplemented after publication.
Use of AI-Supported Systems: During creation and editing, AI-supported systems may be used as editorial tools for research, analysis, structuring, and linguistic revision. Published content undergoes a substantial human and editorial review prior to publication; editorial responsibility remains solely with SRC.
Scope, Liability, and Copyright: The German version is intended for publication in Germany. This notice does not replace a review of foreign legal systems, in particular Canadian or U.S. securities laws. Despite careful research, no warranty is provided regarding the accuracy, completeness, or timeliness of the information; liability for direct or indirect damages is excluded to the extent permitted by law. The operators of linked external websites are solely responsible for their content. No advisory, asset management, or other investment agreement is formed between the reader and SRC AG. The full disclaimer at https://www.resource-capital.ch applies in addition. Copyright is held by the publisher; reproduction and commercial distribution require prior consent.
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Indians’ Love for Gold Endures — A Tailwind for Gold Miners
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