In the last financial year, the import of gold increased in terms of value, but the decline declined due to quantity

Mumbai: Gold imports in the country have increased in terms of price in the last financial year, but it has declined in terms of quantity. Gold import bills remained high in the last financial year due to high prices.

The import figures of imports remain high as a result of historical surge in gold prices internationally. In the last financial year, the total gold imports increased by 27.27 percent to $ 58 billion, which was seen $ 45.54 billion in FY 2023-24.

Increase in imports increases the trust of investors as a safe investment means of gold. Amid global uncertainty, the demand for gold from global banks is increasing, which has supported prices.

Gold prices are currently at record levels as a result of weak dollars, tariff war and economic uncertainty.

The import of gold in March increased by 192 percent to $ 4.47 billion on the basis of price price. The import of silver in March fell 85.40 percent to $ 119.3 million in March in March. According to the Commerce Ministry data, the total silver imports in the financial year ended March from 11.24 percent to $ 4.82 billion from year to year.

Switzerland has the highest 40 percent of India’s gold imports, followed by the United Arab Emirates with 16 percent and South Africa with 10 percent.

Gold contributes eight percent of the country’s total import bills.

The data also shows that gold imports in FY 2024-25 declined to 757.15 tonnes, while in FY 2023-24 it was 795.32 tonnes.

Due to the high gold import bill, the country’s trade deficit in the last financial year increased to an all -time high of $ 282.82 billion. India is the second largest consumer of gold after China.