India’s gold imports recorded a massive surge in October, tripling compared to the same month last year. Imports touched $14.72 billion (₹1,30,404 crore) in October 2025, rising sharply from $4.92 billion in October 2024. According to Commerce Secretary Rajesh Agrawal, the steep rise was mainly due to heavy demand driven by the festive and wedding season. With this jump, gold’s share in India’s total imports crossed 5%.

Between April and October of the current financial year (2025–26), gold imports grew 21.44%, reaching $41.23 billion (₹3.65 lakh crore). Despite domestic gold prices nearing ₹1.30 lakh per 10 grams, consumer demand remained strong. Silver imports also saw extraordinary growth, increasing by 528.71% to $2.71 billion (₹24,007 crore) in October.

A significant portion of India’s gold—about 40%—was imported from Switzerland, followed by the UAE (16%) and South Africa (10%).

Meanwhile, India’s exports to the United States declined for the second consecutive month. Exports fell 8.58% in October to $6.30 billion, a drop attributed to the 50% import tariffs imposed by US President Donald Trump, analysts said.