India's Gold & Silver Imports Surge Amid High Prices

Gold imports in India surged by 28.73% reaching USD 69 billion during April-February 2025-26, due to rising prices. This contributed to widening the trade deficit to USD 310.60 billion. Switzerland is the major source of gold imports. Meanwhile, silver imports increased by 142.87% amid its industrial usage.

The Indian government's latest data shows a significant increase in the country's gold imports, which rose by 28.73% to USD 69 billion in April-February 2025-26. This surge is attributed to the high prices of the precious metal.

As gold imports rise, so does India's trade deficit, reaching USD 310.60 billion, compared to USD 261.80 billion in the same period of the previous year. This increase has implications for the country's current account deficit, which inched up to USD 13.2 billion in the December quarter.

Notably, Switzerland remains the largest supplier of gold to India, contributing 40% of imports, with the UAE and South Africa following. In addition to gold, silver imports have also seen a massive spike of 142.87%, driven by its industrial demand across sectors like electronics and pharmaceuticals.