Digital Gold Transactions Rise Despite Value Decline in November 2025

Digital gold transactions saw a notable increase through UPI in November 2025, even as the overall transaction value plunged considerably. This trend indicates a distinct shift in consumer behaviour following the festive surge observed in October. According to the latest data from NPCI, digital gold purchases amounted to 123.42 million transactions valued at Rs 1,215.36 crore in November. This marks a 6.4% increase in transaction volume from 115.95 million in October, while the transaction value fell nearly 47% from Rs 2,290.36 crore recorded the previous month.

Impact of Seasonal Demand on Digital Gold

October, aligning with the festive period, typically sees a spike in gold purchases throughout the nation, which likely elevated both transaction volume and value. In contrast, September had reported 103.19 million transactions in digital gold, amounting to Rs 1,410.18 crore. Despite November’s volumes surpassing September by almost 20%, the overall value trended downwards, suggesting a significant decrease in the average purchase size. The data indicates a continuous rise in user participation, but spending per transaction has visibly reduced.

Regulatory Concerns Affecting Digital Gold Transactions

The reduction in transaction value comes amidst a recent caution issued by SEBI, warning investors that digital gold products are not regulated and do not fall under its supervision. The advisory pointed out the lack of investor protection mechanisms concerning these offerings. Following the advisory, SEBI Chairman Tuhin Kanta Pandey made clear that there are no immediate plans to implement any regulatory framework for digital gold, as the product does not fall within its domain.

Other UPI Transaction Categories in November

Aside from digital gold, daily consumption categories retained their prominence in UPI activities throughout November. Groceries and supermarkets topped the list with 3,222.99 million transactions valued at Rs 71,129.56 crore. Fast-food restaurants trailed with 1,406.70 million transactions worth Rs 16,149.43 crore, while sit-down restaurants reported 1,202.63 million transactions amounting to Rs 19,547.09 crore. Telecommunications services saw 817.83 million transactions valued at Rs 21,399.70 crore, and service stations rounded out the top five with 657.73 million transactions worth Rs 40,320.95 crore. Overall, UPI recorded a total of 20.47 billion transactions valued at Rs 26.32 lakh crore in November.