A sharp spike in gold and silver imports in October 2025 pushed India’s trade deficit higher, the Commerce Ministry said on Monday (November 17), as shipments of precious metals surged due to pent-up demand, festive buying and industrial requirements.

Gold imports jumped to $14.72 billion in October from $4.92 billion a year earlier, while silver imports rose to $2.72 billion, compared with $0.43 billion in October 2024. The ministry said the rise followed a 25% reduction in imports in recent months, leading to pent-up demand during the festive season. Silver imports also climbed on the back of stronger industrial demand from solar panels, electronics, EVs and pharmaceuticals.

The spike led to an over $11-billion rise in imports, widening the trade deficit for the month. For the first se

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