Gold imports surge sharply 29% to $69 bn

FPJ News Service mumbai

India’s gold imports surged 28.73% to $69 billion during April-February FY26, driven by elevated prices of the precious metal, according to Commerce Ministry data.

Imports stood at $53.52 billion in the corresponding period of FY25. The sharp rise in gold imports has widened the country’s trade deficit to $310.60 billion during the 11-month period, compared with $261.80 billion a year earlier. Gold alone accounts for over 5% of India’s total imports, underscoring its significant impact on external balances. Domestic gold prices remain elevated at around ₹1,51,500 per 10 grams in Delhi, reflecting strong global trends. Switzerland continues to be the largest supplier, accounting for nearly 40% of imports, followed by the UAE at over 16% and South Africa at about 10%. 

India, the world’s second-largest gold consumer after China, relies heavily on imports to meet demand from the jewellery sector. This, in turn, has implications for the current account deficit. 

RBI data shows CAD rose to $13.2 billion, or 1.3% of GDP, in the December quarter, although it moderated to $30.1 billion in April-December FY26. Meanwhile, silver imports jumped 142.87% to $11.43 billion, driven by industrial demand from sectors such as electronics, automobiles and pharmaceuticals.