Gold up, silver down: Import trends diverge

In July, India's imports of gold and silver declined, according to data from the commerce ministry. While gold imports increased by 4.77 percent to USD 4.16 billion, silver imports dropped by a substantial 66.1 percent to USD 171.68 million. The government raised import duty on precious metals from 6 percent to 15 percent on May 13.

Gold prices were around Rs 1,57,000 per 10 grams, including taxes, in New Delhi on Thursday, while silver was priced at approximately Rs 2.40 lakh per Kg. Over the April-July 2026-27 period, gold imports rose by 32.41 percent to USD 15.17 billion, whereas silver imports declined by 50.81 percent to USD 718.42 million.

In April, gold imports surged by 81.69 percent, whereas they grew by 34 percent in May and 7 percent in June. Switzerland was the leading source of gold imports, accounting for about 40 percent of the total, followed by the UAE (over 16 percent) and South Africa (around 10 percent).

Switzerland's gold imports rose by 62.26 percent to USD 2 billion in July. India, the world's second-largest consumer of gold after China, imports mainly for the jewelry industry. These imports have implications for the country's current account deficit (CAD).