Gold imports jump 29% to $69bn, widen trade gap
image for illustrative purpose
New Delhi: India’s gold imports rose 28.73 per cent to $69 billion during April–February 2025-26, driven by elevated prices and sustained demand, according to government data.
Imports stood at $53.52 billion in the corresponding period last year. The surge contributed to widening the country’s trade deficit to $310.60 billion during the 11-month period, up from $261.80 billion a year ago.
Gold prices remain high, hovering around Rs 1,51,500 per 10 grams in the national capital. Despite elevated rates, demand has remained resilient, largely supported by the jewellery sector.
Switzerland remained the largest source of imports with about a 40 per cent share, followed by the United Arab Emirates and South Africa.
Gold accounts for over 5 per cent of India’s total imports and has significant implications for the current account deficit (CAD). According to RBI data, CAD rose to $13.2 billion (1.3 per cent of GDP) in the December quarter, although it moderated to $30.1 billion for April–December 2025.
Meanwhile, silver imports surged 142.87 per cent to $11.43 billion, driven by industrial demand across electronics, automobiles and pharmaceuticals.
To curb rising inflows, the government has imposed import restrictions on gold, silver and platinum articles.
