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India’s jewelry market, the world’s largest, is increasingly turning to gold options trading as prices hit record highs in 2025. Gold futures options on India’s Multi Commodity Exchange reached a daily turnover of 605 billion rupees ($7 billion) in February, capturing 26% of all options trading—their highest share since October 2021. Meanwhile, crude oil options, though still dominant, saw their share drop to 52% from over 70% last year.
This shift stems largely from concerns about President Trump’s tariff policies, which have driven oil prices to six-month lows while boosting gold by more than 7% since January. According to market expert Sugandha Sachdeva, options have become especially popular because they’re cheaper than futures—making them ideal during gold’s current rally. For Indians, gold is more than just an investment; it’s a sacred asset and wealth symbol. The country reclaimed its position as the top jewelry market after reducing import duties last July, which limited its jewelry demand decline to just 2% while other countries experienced larger drops.
