India’s gold imports jumped 200% in October as consumers bought more of the yellow metal during the festive month that included Diwali. The government is hopeful that higher prices of the commodity will keep demand muted in the ongoing wedding season. Silver imports too saw a sharp jump last month. The sharp rise in imports of the two precious metals also widened the trade deficit to $41.68 billion in October 2025.
As per provisional data released by the commerce ministry on Monday, India’s gold imports rose to $14.72 billion in October 2025 from $4.92 billion in October 2024. Silver imports also rose to $2.72 billion in October 2025 from $0.43 billion a year ago.
Officials highlighted this sharp rise in gold and silver imports as one of the reasons for the widening of the trade deficit.
“There was pent-up demand in gold as until September 2025 gold imports had been lower due to high international prices. This was reversed in October,” noted Commerce Secretary Rajesh Agrawal.
Between April and September 2025, gold imports amounted to $26.51 billion worth 299.77 tonnes as against $29.04 billion of 401.27 tonne between April and September 2024. Silver imports between April and September 2025 was 2,820.73 tonne worth $3.22 billion as against 2,290.26 billion amounting to $2.06 billion during April and September 2024.
Noting that the high prices of gold will add to the import bill if the October trend continues in the wedding season, Agrawal expressed hope that the high prices will keep demand under check.
He also expressed confidence that there has been no double-counting of the gold imports, for the sharp surge in October.
Analysts also expect that the demand for gold will ease in the coming months. Aditi Nayar, Chief Economist, ICRA noted that India’s merchandise imports surged by 16.6% YoY to an all-time high of $76.1 billion in October 2025, amid a YoY tripling of gold imports to $14.7 billion, even as oil imports declined in the month.
“An uninterrupted rise in gold prices ahead of the festive season may have led to speculative demand which may not sustain going ahead, possibly leading to some cooling in the import numbers in the ensuing months,” she said.
