New Delhi, April 18 — India’s gold imports jumped by a staggering 192.13 percent year-on-year in March 2025, reaching USD 4.47 billion, driven by a significant rise in global prices and sustained demand for the yellow metal. According to data released by the Ministry of Commerce, the import figure for January 2024 stood at USD 1.53 billion.
For the full fiscal year 2024-25, gold imports surged 27.27 percent to USD 58 billion, up from USD 45.54 billion in the previous year. The sharp rise in imports signals robust investor confidence in gold as a safe-haven asset amid rising global uncertainties, increased demand from banks, and rising prices.
As per agency report, on April 17, gold prices in the national capital climbed by Rs 70 to touch a record high of Rs 98,170 per 10 grams. This surge came on the back of a weakening US dollar, heightened concerns over global economic growth, and escalating trade tensions following new tariff announcements by US President Donald Trump.
In contrast, silver prices witnessed a decline of Rs 1,400, settling at Rs 98,000 per kilogram, down from Rs 99,400 in the previous trading session. Silver imports also dropped significantly in March, falling by 85.4 percent to USD 11.93 million. For the entire fiscal year, silver imports declined by 11.24 percent to USD 4.82 billion.
Switzerland remained the largest source of India’s gold imports, accounting for about 40 percent of the total, followed by the United Arab Emirates with over 16 percent and South Africa with approximately 10 percent. Gold accounts for around eight percent of India’s total imports.
In terms of volume, gold imports for 2024-25 slightly declined to 757.15 tonnes from 795.32 tonnes in 2023-24. Despite this, the higher value of imports contributed to a widening trade deficit, which reached USD 21.54 billion in March. For the full fiscal year, India’s trade deficit touched a record high of USD 282.82 billion.
India is the second-largest consumer of gold globally, after China, with imports largely catering to the country’s expansive jewelry industry. Notably, exports of gems and jewelry rose by 10.62 percent year-on-year in March to nearly USD 3 billion. However, annual exports declined by 8.84 percent, falling from USD 32.7 billion in 2023-24 to USD 29.82 billion in 2024-25.
The surge in gold imports has had a visible impact on India’s current account deficit (CAD), which rose to USD 11.5 billion or 1.1 percent of GDP in the October-December quarter, compared to USD 10.4 billion during the same period a year ago. For the April-December 2024 period, the CAD stood at USD 37.0 billion, up from USD 30.6 billion a year earlier. The widening deficit is largely attributed to the increase in the trade imbalance driven by precious metal imports.
