UPI digital gold volumes rise in November but values fall 47%

Digital gold transactions via UPI saw higher participation in November 2025, even as the overall value of transactions declined sharply. The trend reflects a clear shift in buyer behaviour after the festive uptick seen in October.

As per the latest NPCI data, digital gold purchases reached 123.42 million transactions worth Rs 1,215.36 crore in November. This represented a 6.4% rise in volume from 115.95 million transactions in October, while the value declined by nearly 47% from Rs 2,290.36 crore in the previous month.

October coincided with the festive season, when gold buying typically accelerates across the country, and this seasonal demand appears to have pushed up both transaction volume and value.

In comparison, September recorded 103.19 million digital gold transactions worth Rs 1,410.18 crore. While November volumes were nearly 20% higher than September, the overall value was lower, pointing to a sharp fall in average ticket size. The data shows that user participation continued to rise, but spending per transaction reduced considerably.

The drop in transaction value also comes against the backdrop of a recent caution issued by SEBI. Last month, the market regulator warned investors that digital gold products are unregulated and do not fall under SEBI oversight. The advisory highlighted the absence of investor protection mechanisms for such offerings.

Soon after the advisory, SEBI chairman Tuhin Kanta Pandey clarified that the regulator does not plan to introduce any regulatory framework for digital gold at present, as the product does not fall under its purview.

Beyond digital gold, daily consumption categories continued to dominate UPI activity in November. Groceries and supermarkets remained the largest category with 3,222.99 million transactions worth Rs 71,129.56 crore. Fast food restaurants followed with 1,406.70 million transactions worth Rs 16,149.43 crore, and eating places and restaurants logged 1,202.63 million transactions valued at Rs 19,547.09 crore.

Telecommunication services recorded 817.83 million transactions worth Rs 21,399.70 crore, while service stations completed the top five with 657.73 million transactions valued at Rs 40,320.95 crore.

Overall, UPI recorded 20.47 billion transactions worth Rs 26.32 lakh crore in November.