Import of gold increased nearly 36 per cent in October on a year-on-year basis to $2.50 billion, showed the data released by the Ministry of Commerce and Industry. The overall imports of gold during the ongoing financial year, however, continued to be significantly lower than the last fiscal due to the pandemic.
India had imported gold worth $1.84 billion in October last year. The rise in imports can be attributed to the anticipated demand for the yellow metal along with gold jewellery during the occasions of Dhanteras and Diwali, according to market experts.
India has imported gold worth a total of $9.27 billion during the April-October period of FY21, 47.42 per cent lower than the corresponding period of FY20, which stood at $17.64 billion.
Although gold imports revived in October, that of silver continued to fall. Silver imports plunged 90.54 per cent last month, on a year-on-year basis, at $9.05 million.
So far in the current fiscal, silver worth $742.62 million has been imported, 64.65 per cent lower than $2.10 billion recorded during the same period last fiscal.