India’s gold imports rose 28.73% to $69 billion during April-February 2025-26, driven by rising prices of the precious metal, according to Commerce Ministry data cited by PTI.Gold imports amounted to $53.52 billion in the corresponding period of 2024-2025.The sharp rise in imports contributed to the widening of the trade deficit, which rose to $310.60 billion in the 11-month period of the last fiscal year from $261.80 billion in the previous year.Gold prices are currently hovering around Rs 1,51,500 per 10 grams (including all taxes) in the national capital.Switzerland remained the largest source of gold imports, with a share of about 40%, followed by the United Arab Emirates (more than 16%) and South Africa (about 10%).Gold represents more than 5% of India’s total imports. Imports from Switzerland rose by 11.57% to $23.5 billion during the period from April to February 2025-2026, while imports from the country in February alone rose by 719.30% year-on-year to $2.71 billion.India is the world’s second-largest consumer of gold after China, with its imports largely meeting demand from the jewelery sector. These flows also have implications for the country’s current account deficit.
According to RBI data, the Canadian dollar rose to $13.2 billion, or 1.3% of GDP, in the December quarter from $11.3 billion (1.1% of GDP) a year ago, mainly due to a higher trade deficit.However, from April to December 2025, the CAD rate fell to $30.1 billion (1% of GDP) compared to $36.6 billion (1.3% of GDP) in the same period the previous year.Silver imports jumped by 142.87% during the period from April to February to $11.43 billion. Silver is widely used in industries such as electronics, automobiles, and pharmaceuticals.To curb imports, the government last week imposed restrictions on all forms of gold, silver and platinum.