According to Commerce Ministry data, India’s gold imports in March 2025 rose 192.13 percent year-on-year to USD 4.47 billion, reversing the previous trend of negative growth.
This sharp jump is mainly attributed to the significant increase in gold prices and investors’ renewed interest in the yellow metal as a safe-haven. Gold imports stood at USD 1.53 billion in January 2024, showing a sharp jump over the last two months. On a full-year basis, gold inbound shipments grew 27.27 percent to USD 58 billion in 2024-25 from USD 45.54 billion in the previous fiscal.
The rise in demand reflects investors’ growing preference for gold amid global uncertainties, trade tensions and asset diversification. Banks are also stocking up rapidly, further fuelling the rise. Gold prices on Thursday rose by Rs 70 to a new peak of Rs 98,170 per 10 gram in the national capital. The surge in prices is attributed to a weaker US dollar, rising trade war tensions and concerns over global economic growth following tariff announcements by US President Donald Trump.
In contrast, silver prices fell by Rs 1,400 to Rs 98,000 per kg. Silver imports fell 85.4 percent to US$ 119.3 million in March and 11.24 percent to US$ 4.82 billion for the full year.
Despite the rise in value, gold import volume declined slightly to 757.15 tonnes in FY25 from 795.32 tonnes in FY24, reflecting the impact of higher prices.
Switzerland remained the top source of gold imports, with a share of 40 per cent, followed by the UAE (over 16 per cent) and South Africa (about 10 percent).
Gold accounts for 8 percent of India’s total imports. The sharp jump in gold imports contributed to the country’s trade deficit widening to USD 21.54 billion in March. For FY25, the trade deficit reached a record high of USD 282.82 billion.
