India’s gold imports rise 192.13% to $4.47 bn in March: Govt data

New Delhi: After registering negative growth, the country’s gold imports, which impact Current Account Deficit (CAD), jumped by 192.13 per cent to $4.47 billion in March, on account of significant increase in the prices of the yellow metal according to Commerce Ministry data.

Gold imports stood at $1.53 billion in January 2024. Cumulatively, during April-March FY25, the inbound shipments rose 27.27 per cent to $58 billion against $45.54 billion in FY24.

The increase in imports also indicates strong investor confidence in the precious metal as a safe asset.

The other reasons include asset diversification towards gold due to global uncertainties, increasing demand from banks, and jump in prices.

On April 17, the gold prices rose by Rs 70 to hit yet another record high of Rs 98,170 per 10 grams in the national capital.

The prices soared to record highs due a weaker dollar, escalating trade war tensions, and growing concerns over global economic growth following US President Donald Trump’s tariff announcements.

However, silver prices plunged by Rs 1,400 to Rs 98,000 per kg. The white metal had settled at Rs 99,400 per kg in the previous market close.

Silver imports in March contracted by 85.4 per cent to $119.3 million. It was down 11.24 per cent year-on-year in 2024-25 to $4.82 billion.

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). Gold accounts for 8 per cent of the country’s total imports.

In volume terms, the imports dipped to 757.15 tonnes in FY25 against 795.32 tonnes in FY24.

The gold imports in February were down by about 62 per cent, while it rose by 40.8 per cent in January and 55.39 per cent in December 2024.