The country's gold imports rose 24 per cent to hit an all-time high of USD 71.98 billion in 2025-26 on account of high prices of the precious metal, according to Commerce Ministry data. Gold imports stood at USD 58 billion in 2024-25. It was USD 45.54 billion in 2023-24 and USD 35 billion in 2022-23. In volume terms, imports dipped 4.76 per cent to 721.03 tonnes. It was 757.09 tonnes in 2024-25. Similarly, silver imports jumped about 150 per cent to USD 12 billion in the last fiscal due to higher prices. In volume terms, it rose by 42 per cent to 7,334.96 tonnes in 2025-26. The rise in imports of these precious metals has pushed the country's trade deficit (difference between imports and exports) to USD 333.2 billion during 2025-26, the data showed. Prices of the yellow metal are hovering around Rs 1,56,000 per 10 grams (inclusive of all taxes) in the national capital. Silver was priced at around Rs 2.53 lakh per Kg. Higher "gold import is driven by the rise in prices from USD ..
On April 14, silver prices surged to $80.85 -- the highest since March 13 -- on Iran peace hopes before erasing gains as the US Dollar stabilised
Without fresh imports, India could face supply shortages, as the world's second-largest gold consumer and biggest silver buyer relies on overseas purchases to meet nearly all its demand
Silver moving through the $90/oz mark, believes Nigel Green, chief executive officer of deVere Group, a global consulting firm that has $14 billion in AUM, marks a decisive shift in market psycology
Silver is not just a precious metal but a key industrial and energy transition input, and India should focus on processing it by securing long-term overseas mining supplies, boosting domestic refining and recycling, reducing reliance on imported finished silver, and diversifying import sources, GTRI said. It said China is the world's dominant processor of silver. Beijing is importing around USD 5.6 billion of silver ores and concentrates out of a global total of USD 6.3 billion. It refines this metal domestically and exports higher-value silver embedded in electronics, medical devices, and solar panels. India, by contrast, imported about USD 6.4 billion of refined silver in 2024, 21.4 per cent of global trade, making it the world's largest consumer of finished silver rather than a processor. "India must learn to process silver from the ore stage for domestic value addition," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. In FY25, India exported just USD 478.
In the short-term, however, further heightened volatility can not be ruled out, especially due to geopolitical factors and US CPI data
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
Looking ahead to 2025, with demand forecast at 1,148.3Moz against supply of 1,030.6Moz, the silver market, Nomura said, faces its fifth consecutive year of deficit at 117.6Moz
Silver outlook continues to remain constructive on rate cut expectations, huge ETF inflows, elevated geopolitical and economic risks. Strength in gold bodes well for silver.
Silver trading strategy: Healthy risk appetite on US-China trade truce extension and surging risk assets would continue to support the metal into the dips.
Silver is well-supported by strong ETF inflows, but a firm dollar and trade news flow pose a risk to the metal prices, analyst says
Usage-wise, silver has a 52 per cent demand from industrial applications, and one of the biggest demand growth driver is its use in clean energy applications such as solar energy and electric vehicles
Gold/Silver ratio above 100 poses a risk to silver prices as it indicates troubles with the global economy. The ratio may rise to 110-112 in the coming weeks
Silver has been subjected to intense selling pressure due to its industrial attribute. Nearly 64 per cent of the total demand for the metal is industrial, says Praveen Singh of Mirae Asset Sharekhan
Silver prices rose nearly 18 per cent in Q1 2025 as the it rallied around 3 per cent last week.
Gem and Jewellery Export Promotion Council says step will balance trade deficit with the US
Silver may decline a bit, though downside is likely to be limited
Silver is expected to push higher should gold rise to record highs. The grey metal is up around 15 per cent this year
As long as Silver continues to hold above $30 (Rs 88,000), we look for a target of $35 (Rs 103,000) in the coming months
Support for Silver is at $31.77 (Rs 94,000) /$31.11 (Rs 92,000). Resistance is $32.55 (Rs 96,300)/$33.45 (Rs 99,000)