India Gold Imports Surge 34% to $3.41 Billion, While Silver Imports Decline 86.65% in May 2026

India recorded a year-on-year increase in gold imports during May 2026, with inbound shipments valued at $3.41 billion, as per commerce ministry data.  

During the same month, silver imports moved in the opposite direction, registering a sharp decline compared with the corresponding period last year. 

Gold Imports Increase To $3.41 Billion 

Gold imports stood at $3.41 billion in May 2026, reflecting a 34% year-on-year increase. The higher value of imports contributed to India's trade deficit, which widened to $28.21 billion during the month. 

As per a PTI news report, gold prices in the national capital were hovering around ₹1,60,000 per 10 grams, inclusive of taxes, while silver prices were around ₹2.60 lakh per kg. 

Silver Imports Register Sharp Decline 

Unlike gold, silver imports dropped significantly during May. Imports fell 86.65% to $75.57 million, compared with $566.22 million in the corresponding month of the previous year. 

For the April-May period of FY 2026-27, silver imports declined by about 33% to $486.58 million. 

Import Duty Revised and 2 Month Data Released 

The government increased the import duty on precious metals from 6% to 15%, with the revised rate taking effect from May 13, 2026. 

During April-May 2026-27, gold imports rose 60.14% to $9.04 billion, indicating continued growth in inbound shipments during the first 2 months of the fiscal year. 

Switzerland Remains Top Supplier of Gold to India 

Switzerland continued to be India's largest source of imported gold, accounting for about 40% of total imports. The United Arab Emirates contributed more than 16%, while South Africa accounted for about 10%. 

According to the data, imports from Switzerland declined 57.73% in May and were down 20.34% during April-May 2026-27. Gold also accounts for more than 5% of India's total imports. 

FY 2025-26 Import Trends and Current Account Data 

During FY 2025-26, India's gold imports reached an all-time high of $71.98 billion, representing 24% growth in value terms. However, import volumes declined 4.76% to 721.03 tonnes. 

India remains the world's second-largest gold consumer after China, with imports primarily meeting demand from the jewellery industry. 

Reserve Bank data showed that India recorded a current account surplus of $7.1 billion (0.7% of GDP) in the January-March quarter of FY 2025-26, compared with a surplus of $13.7 billion (1.4% of GDP) in the corresponding quarter of FY 2024-25.  

For the full fiscal year, the current account deficit stood at $25.2 billion (0.6% of GDP), compared with $22.9 billion (0.6% of GDP) in FY 2024-25. 

Read More: Government Reduces Gold Base Import Price by $80 per 10 gm to $1,343 per 10 gm! 

Conclusion 

With gold imports reaching $3.41 billion in May and $9.04 billion during the first 2 months of FY 2026-27, the latest Commerce Ministry data showed continued growth in the value of inbound gold shipments, while silver imports recorded a significant year on year decline. 

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