India's Gold imports triple to record $14.7 bn in October on high demand

The country's gold imports surged about threefold to hit a record high of USD 14.72 billion in October, mainly due to higher festival and wedding demand, according to commerce ministry data.

Gold imports stood at USD 4.92 billion in October 2024.

Cumulatively, imports during April-October this fiscal year rose 21.44 per cent to USD 41.23 billion from USD 34 billion a year ago.

High gold imports have pushed the country's trade deficit (difference between imports and exports) to a record high of USD 41.68 billion in October.

Prices of the yellow metal are hovering around Rs 1.29 lakh per 10 grams in the national capital.

Commenting on the data, Commerce Secretary Rajesh Agrawal said the increase in imports could be attributed to festival demand.

Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent).

The precious metal accounts for over 5 per cent of the country's total imports.

Imports from Switzerland jumped by 403.67 per cent to USD 5.08 billion during the month. In April-October this fiscal, inbound shipments increased 10.54 per cent to USD 15.4 billion.

India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry.

Gems and jewellery exports last month declined 29.5 per cent year-on-year to USD 2.3 billion.

India's current account deficit (CAD) narrowed to 0.2 per cent of the GDP, or USD 2.4 billion, during the April-June period of 2025-26 compared to 0.9 per cent of the GDP, or USD 8.6 billion, in the year-ago period, helped by services exports.

A current account deficit occurs when the value of goods and services imported and other payments exceeds the value of export of goods and services and other receipts by a country in a particular period.

When asked if there is a possibility of double accounting of the import of gold data, Agrawal replied in the negative.

In January this year, the government revised gold import data to rectify double accounting of inbound shipments. The revision was prompted by an unusual surge in imports of the precious metal in November 2024.

Silver imports in October 2025 also jumped by 528.71 per cent to USD 2.71 billion. Silver has industrial applications. It is used in sectors like electronics, auto and pharma.