New Delhi, Oct 30 (IANS) Gold demand in India fell 16 per cent year-on-year to 209.4 tonnes in the July-September quarter due to a sharp rise in prices that pushed up value by 23 per cent, World Gold Council data showed on Thursday.

Jewellery demand fell 31 per cent by volume during the quarter, while investment demand for coins and bars increased by 20 per cent, the data said.

The price of 24-carat gold (1 gram) was at Rs 11,962 on Thursday, up from 11,935 the previous day, according to data published by the India Bullion and Jewellers Association (IBJA).

In value terms, jewellery spending remained nearly flat at Rs 1.14 lakh crore, while demand for gold investments surged 74 per cent to Rs 88,970 crore.

Gold prices, excluding import duty and GST, increased sharply by 46 per cent to R

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