New Delhi: India’s gold imports surged 28.73 per cent to $69 billion during April–February FY26, driven by elevated prices, the commerce ministry data said. Imports had stood at $53.52 billion in April-Feb FY25. The sharp rise widened the country’s trade deficit to $310.60 billion in the 11-month period, up from $261.80 billion a year ago.
Gold prices are currently hovering around Rs 1,51,500/10 grams in the national capital.
Switzerland remained the top source of imports with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (around 10 per cent). Gold accounts for more than 5 per cent of India’s total imports.
India, the world’s second-largest gold consumer after China, relies on imports largely to meet jewellery demand, impacting the current account deficit (CAD).
The CAD rose to $13.2 billion (1.3 per cent of GDP) in December quarter, though it moderated to $30.1 billion (1 per cent of GDP) during April–Dec 2025. Silver imports also rose 142.87 per cent to $11.43 billion. Agencies