India’s Gold Imports Plunge Nearly 40% As October Sees Steepest Monthly Decline

In April, gold imports increased to $5.63 billion from $3.10 billion in the same month last year. (File Photo)

India's gold import bill witnessed a substantial contraction during the first seven months of the 2026-27 financial year, falling nearly 40 per cent amid a correction in international bullion prices. Fresh data released by the Department of Commerce on Friday revealed that the country's gold imports stood at $24.78 billion between April and October 2026, significantly lower than the $41.24 billion recorded during the same period in 2025. The sharp reversal in import figures comes as international gold prices have retreated from their recent peaks, with the yellow metal slipping below the $4,000-per-ounce threshold. The changing price environment appears to have coincided with a notable slowdown in India's gold purchases.

The downward trend became particularly evident in October, when India's gold imports contracted by 62.57 per cent year-on-year. Imports for the month amounted to $5.51 billion, compared with $14.72 billion in October 2025.

The preceding months also reflected considerable weakness. September gold imports declined to $1.80 billion from $9.61 billion in the corresponding month last year. August experienced a similar contraction, with imports falling to $2.30 billion against $5.44 billion previously.

Original source: https://www.timesnownews.com/business-economy