India’s gold imports fall 27% to $19.27 billion in April–September 2026
Higher import costs and efforts to curb precious metal purchases coincide with a sharp fall in gold imports during the first half
India's gold imports declined by 27% to $19.27 billion in the April-September 2026 quarter, compared to $26.51 billion during the same period in 2025, according to data released by the Ministry of Commerce and Industry. The decrease was attributed to the government's decision to raise import duties on gold and silver from 6% to 15% in May 2026, making imports more expensive.
This move aimed to curb precious metal imports amidst pressure on the rupee and foreign exchange reserves. India heavily relies on overseas gold purchases to meet domestic demand, and lower gold imports could help alleviate pressure on the country's merchandise trade deficit.
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