The Commerce Ministry has reported a significant hike in India's gold imports, rising 28.73% to $69 billion during April-February 2025-26 due to high precious metal prices.
Gold imports stood at $53.52 billion in the same period last year, pushing the country's trade deficit to $310.60 billion, up from $261.80 billion in April-February 2024-25.
The prices of gold are currently hovering around ₹1,51,500 per 10 grams, with Switzerland being the largest source of gold imports, accounting for about 40% of the total.
India is the world's second-biggest gold consumer after China, with the imports mainly catering to the demand of the jewellery industry.
The imports have implications for India's current account deficit (CAD), which inched up to $13.2 billion in the December quarter.
However, the CAD moderated to $30.1 billion in April-December 2025, from $36.6 billion in the same period a year ago.
The government has imposed import curbs on all forms of articles of gold, silver, and platinum to discourage imports.
Silver imports during the 11-month period jumped 142.87% to $11.43 billion, mainly due to its industrial applications in sectors like electronics, auto, and pharma.
