Gold Import: The country’s gold import rose 192.13 percent to $ 4.47 billion in March 2025 due to a huge increase in gold prices in recent times. According to Commerce Ministry data, in January 2024 India imported a gold of $ 1.53 billion. The country’s total gold import increased by 27.27 percent to $ 58 billion in the financial year 2024-25 as against $ 45.54 billion in 2023-24. Let us tell you that on April 17, the price of gold in Delhi reached a record level of Rs 70 to Rs 98,170 per 10 grams.
Large drop in silver imports
However, there has been a tremendous decline in silver imports. Silver imports declined by 85.4 percent to $ 11.93 million in March this year. This declined by 11.24 percent to $ 4.82 billion in 2024-25 annually.
Switzerland comes from the most gold
Switzerland is the largest source of gold imports with about 40 percent stake. This is followed by the United Arab Emirates (more than 16 percent) and South Africa (about 10 percent). Gold holds 8 percent of the country’s total imports. In terms of quantity, imports declined to 757.15 tonnes in 2024-25, compared to 795.32 tonnes in 2023-24. Gold imports were reduced by about 62 percent in February as compared to 40.8 percent in January and 55.39 percent in December 2024.
Trade deficit reached $ 21.54 billion in March
This surge in gold imports reached $ 21.54 billion in March. In the financial year 2023-24 it touched a lifetime high of $ 282.82 billion. Let us tell you that India is the second largest gold consumer in the world after China. Gold imported into the country mainly meets the demand for jewelery industry.
With PTI inputs
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