Gold Import

India may need a steep fall in gold imports to ease its trade deficit, but high prices, investment demand and smuggling risks complicate the duty hike's impact

The government imposed a 10 per cent basic customs duty along with a 5 per cent Agriculture Infrastructure and Development Cess (AIDC), aiming to curb imports of the previous metals

India raises gold, silver and platinum import duties to curb overseas demand, ease pressure on forex reserves and narrow current account deficit amid global uncertainty

The resumption is expected to boost the country's gold imports, widen ‌the trade deficit and put more pressure on the rupee, which is among Asia's worst-performing currencies this year

As Prime Minister Narendra Modi has appealed for austerity measures in view of the tensions in West Asia, India's rising gold imports are drawing attention. Emphasising that the Centre is trying to shield people from the adverse impact of the conflict in West Asia, Modi on Sunday called for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, to strengthen the economy. Here are a few questions and answers to understand gold imports in India. IMPORT DATA: India's gold imports rose over 24 per cent to an all time high of USD 71.98 billion in 2025-26. It was USD 58 billion in 2024-25, USD 45.54 billion in 2023-24, USD 35 billion in 2022-23, USD 46.14 billion in 2021-22, USD 34.62 billion in 2020-21, and USD 28.2 billion in 2019-20. In volume terms, however, it dipped 4.76 per cent to 721.03 tonnes in 2025-26 from 757.09 tonnes in 2024-25. It was 795.2 tonnes in 2023-24 and 678.3 tonnes in 2022-23. India is the world's second-biggest gold ..

Shipments have been stuck at customs since the start of the financial year on April 1, ensnared by administrative bottlenecks and a lack of clarity over taxes

Industry warns that delays in renewing refinery licences for dore gold imports could tighten bullion supply, hurt jobs, and disrupt downstream jewellery manufacturing

List of 17 banks valid until March 2029; delay briefly disrupted bullion mkt

The country's gold imports rose 28.73 per cent to USD 69 billion during April-February 2025-26 on account of high prices of the precious metal, according to the Commerce Ministry data. Gold imports stood at USD 53.52 billion in April-February 2024-25. The rise in gold imports pushed the country's trade deficit (difference between imports and exports) to USD 310.60 billion during the 11-months of the last fiscal as compared to USD 261.80 billion during April-February 2024-25, the data showed. Prices of the yellow metal are hovering at around Rs 1,51,500 per 10 grams (inclusive of all taxes) in the national capital. 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. The country's total imports from Switzerland were up 11.57 per cent to USD 23.5 billion during April-February 2025-26. In February, go

Yellow metal trading at a huge discount of Rs 2,000 per 10 gram in the Mumbai spot market

Higher imports by India, the world's second-biggest consumer of the precious metal, are set to support gold prices that hit records this week, even as demand languishes in top buyer China

New rules tighten ways how precious metals can enter the market. Here's what investors need to know about the changes.

Only authorised importers can now bring gold or silver under India-UAE CEPA; new codes introduced to curb gold misdeclared as platinum to avoid higher duties

The key risks to the upside in gold, BofA Securities said includes US fiscal consolidation, reduced geopolitical tensions, and a return to collaborative inter-governmental relations

Currently, Indian household gold reserves stand at 25,000 tonnes

The country's gold imports in January rose by 40.79 per cent to USD 2.68 billion on account of increasing domestic demands, according to commerce ministry data. Gold imports stood at USD 1.9 billion in January 2024. Cumulatively, imports during April-January this fiscal year rose 32 per cent to USD 50 billion against USD 37.85 billion in the same period last fiscal year. The increase in imports also indicates strong investor confidence in the precious metal as a safe asset. The other reasons include asset diversification towards gold due to global uncertainties, increasing demand from banks, and cut in customs duties. Prices of the yellow metal have increased 11 per cent so far this year to Rs 88,200 per 10 gram in the national capital. India's gold imports, which have a bearing on the country's current account deficit (CAD), surged 30 per cent to USD 45.54 billion in 2023-24. Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (ov

Gold rate in share market: Recovery in gold prices is being driven primarily by a sharp decline in the US yields and a retreat in the US Dollar Index

The government on Thursday formed a committee, comprising officials from commerce and customs, to create a robust mechanism for publishing consistent and accurate data following errors in gold import figures. In a statement, the commerce ministry said that due to the migration of data transmission mechanism from SEZ (special economic zone) to ICEGATE (Indian Customs Electronic Gateway), figures of precious metals needed revision as double counting was noticed. The double counting occurred because the system was calculating both imports into SEZ and subsequent clearance into DTA (domestic tariff area) as separate transactions after the migration. "A committee has been formed with stakeholders from DGCIS (Directorate General of Commercial Intelligence and Statistics), DG Systems (CBIC) and SEZs for the creation of a robust mechanism for publishing consistent data," it said. The government has revised gold import data, bringing down numbers for November by USD 5 billion to USD 9.84 ..

The revised data also suggests a narrowing of India's trade deficit by $5 billion, reducing it to $32.8 billion in November from the previously reported all-time high of $37.8 billion

Lower imports by India, the world's second-biggest consumer of the precious metal, could cap a rally in global prices that hit a record high in October