Gold prices may rise; 4.47 billion worth of gold came from abroad

Gold Import: Despite the record rise in the price of gold in the bullion markets of India, investors still have faith in this precious yellow metal. As a result, billions of dollars' worth of gold was imported into India from abroad in the month of March. According to the information given by the All-India Bullion Association, on Thursday, the price of gold in the bullion market rose by Rs 70 to a new record high of Rs 98,170 per 10 grams.

Strong jump of 192.13% in gold imports

India's gold imports in March 2025 reached $4.47 billion with a tremendous increase of 192.13%. Due to the continuous rise in gold prices and global uncertainties, investors' interest has increased towards this precious metal. According to the data of the Ministry of Commerce, this figure was $1.53 billion in January 2024.

Gold became a safe investment option

Total gold imports in the financial year 2024-25 increased by 27.27% to $58 billion, as against $45.54 billion in the previous year. This shows that gold remains a safe option for investment. Demand from banks, weakness in the dollar and global trade tensions are the main reasons for this.

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Gold price reaches record level

On Thursday, April 17, the price of gold in the Delhi bullion market rose by Rs 70 to a record level of Rs 98,170 per 10 grams. On the other hand, the price of silver fell by Rs 1,400 to Rs 98,000 per kg. Silver imports fell by 85.4% to $119.3 million in March and 11.24% to $4.82 billion in the full year.

Most gold came from Switzerland

Switzerland is India's largest gold supplier country (about 40% share). It is followed by the United Arab Emirates (16%) and South Africa (10%). Gold accounts for 8% of total imports. However, in terms of quantity, imports declined to 757.15 tonnes in 2024-25 from 795.32 tonnes in 2023-24.

India second largest consumer of gold

India is the world's second largest gold consumer after China. Most of the imports meet the demand of the jewelery industry. Gems and jewelery exports grew 10.62% to nearly $3 billion in March. However, it declined to $29.82 billion for the full year.

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India's trade deficit reduced

Although the surge in gold imports led to India's trade deficit reaching $21.54 billion in March. For the entire financial year 2023-24, it stood at $282.82 billion, the highest ever. The current account deficit (CAD) also widened to $11.5 billion (1.1% of GDP) in the October-December 2024 quarter from $37 billion (1.3% of GDP) in April-December.