Gold Imports Slump 60% To $4 Billion In November

After recording about threefold surge in the inbound shipments in October, the country's gold imports dipped about 60% to $4 billion in November, according to commerce ministry data.

Gold imports stood at $9.8 billion in November 2024.

Cumulatively, imports during April-November this fiscal year rose 3.3% to $45.26 billion from $43.8 billion a year ago.

The country's gold imports surged about threefold year-on-year to hit a record high of $14.72 billion in October.

The dip in gold imports has helped narrow the country's trade deficit (difference between imports and exports) to a five-month low of $24.53 billion during November.

Prices of the yellow metal on Monday crossed Rs 1.35 lakh per 10 grams in the national capital.

Commenting on the data, Commerce Secretary Rajesh Agrawal said the dip in imports has brought down the country's import bill.

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% of the country's total imports.

The imports from Switzerland dipped by 82.54% to $837.7 million in November. In April-November this fiscal, inbound shipments dipped 13.32% to $16.22 billion.

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

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

A CAD 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.

Silver imports in November 2025 jumped 125.40% to $1.07 billion. Silver has industrial applications. It is used in sectors like electronics, auto and pharma.