Gold imports rise 192% to $4.47 billion in March
The Hindu
India's gold imports surge, impacting CAD, due to rising prices, strong investor confidence, and global uncertainties, boosting trade deficit.
After registering negative growth, the country's gold imports, which impact Current Account Deficit (CAD), imports jumped by 192.13% to $4.47 billion in March, on account of significant increase in the prices of the yellow metal according to Commerce Ministry data.
Gold imports stood at $1.53 billion in January 2024.
Cumulatively, during the April-March 2024-25 fiscal year, the inbound shipments rose 27.27% to $58 billion against $45.54 billion in 2023-24.
The increase in imports also indicates strong investor confidence in the precious metal as a safe asset. The other reasons include asset diversification towards gold due to global uncertainties, increasing demand from banks, and jump in prices.
On April 17, the gold prices rose by ₹70 to hit yet another record high of ₹98,170 per 10 grams in the national capital. The prices soared to record highs due a weaker dollar, escalating trade war tensions, and growing concerns over global economic growth following US President Donald Trump's tariff announcements.
However, silver prices plunged by ₹1,400 to ₹98,000 per kg. The white metal had settled at ₹99,400 per kg in the previous market close.
Silver imports in March contracted by 85.4% to $119.3 million. It was down 11.24% year-on-year in the 2024-25 fiscal year to $4.82 billion.
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