The imports of gold grew for the second consecutive month in November by 23.24% to $4.36 billion on account of fall in prices. Gold imports were worth $3.54 billion in November last year. Imports of the precious metal were on a decline since February this year till September. It recorded positive growth in October. The increase in gold imports, however, pushed the trade deficit to about two-year high of $13 billion in November from $10.33 billion during the same month last year.
Silver imports, however, dipped by 36.33% to $181.41 million in November as against $285 million in the same month last year. The country’s total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period.
India, the world’s second biggest gold consumer after China, imported 650 tonnes of the precious metal in 2015-16. The imports mainly take care of demand of jewellery industry.