India's gold imports plunged 62.57 per cent in October to USD 5.51 billion, from USD 14.72 billion in the same month last year, according to data released by the Department of Commerce on Friday, November 13, as a sharp correction in global gold prices cooled buying of the precious metal.

Source: ANI

For the first seven months of the financial year, gold imports fell 39.9 per cent to USD 24.78 billion during April-October 2026, compared with USD 41.24 billion in the corresponding period of 2025, the Commerce Department data showed.

The decline comes as gold trades below the USD 4,000-per-ounce mark after correcting sharply from its January 2026 record high. The World Gold Council (WGC) said gold ended October at USD 3,913 per ounce, down 6.3 per cent during the month, and indicated the metal may be approaching a temporary bottom, with two of the three historical conditions associated with a price rebound already met, though elevated speculative positioning remains a concern.

On a month-to-month basis, however, October imports were nearly three times September's USD 1.8 billion, as jewellers and consumers stepped up purchases ahead of Diwali after prices corrected, The Hindu BusinessLine reported. India is the world's second-largest gold consumer and relies heavily on imports to meet demand.

Record exports, wider goods deficit

The same Commerce Ministry release showed India's total exports of goods and services touching a record USD 89.9 billion in October. Merchandise exports were USD 49.47 billion while merchandise imports rose to USD 89.35 billion, leaving a goods trade deficit of USD 39.88 billion — wider than September's USD 30.21 billion and the highest in a year, though 6.4 per cent lower than a year earlier, according to Informist's data alert on the release.

Source: Informist Media

Commerce Secretary Rajesh Agrawal briefed on the trade figures on Friday. Higher imports of petroleum products and electronic goods were cited as the main drivers of the wider October deficit.