New Delhi, April 5 The country's gold imports rose by 28.73 per cent to USD 69 billion during April-February of the 2025-26 fiscal, due to the high prices of the precious metal, according to data from the Ministry of Commerce.
Gold imports stood at USD 53.52 billion during April-February of the 2024-25 fiscal.
The increase in gold imports pushed the country's trade deficit (the difference between imports and exports) to USD 310.60 billion over the 11 months of the last fiscal, compared to USD 261.80 billion during April-February of the 2024-25 fiscal, according to the data.
The price of the yellow metal is currently around Rs 1,51,500 per 10 grams (including all taxes) in the national capital.
Switzerland is the largest source of gold imports, accounting for about 40 per cent, 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 increased by 11.57 per cent to USD 23.5 billion during April-February of the 2025-26 fiscal. In February, gold imports from that country surged by 719.30 per cent year-on-year to USD 2.71 billion.
India is the world's second-largest consumer of gold after China. The imports mainly cater to the demand from the jewellery industry. The imports have implications for India's current account deficit (CAD).
The CAD increased to USD 13.2 billion, or 1.3 per cent of GDP, in the December quarter from USD 11.3 billion (1.1 per cent of GDP) in the year-ago period, mainly due to a higher trade deficit, according to RBI data.
However, the current account deficit moderated to USD 30.1 billion (1 per cent of GDP) in April-December 2025, from USD 36.6 billion (1.3 per cent of GDP) in the same period a year ago.
A CAD occurs when the value of goods and services imported and other payments exceeds the value of exports of goods and services and other receipts by a country in a particular period.
Imports of silver during the 11-month period jumped by 142.87 per cent to USD 11.43 billion. Silver has industrial applications. It is used in sectors like electronics, automotive, and pharmaceuticals.
To discourage imports, the government imposed import restrictions on all forms of gold, silver, and platinum last week.
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