India's Gold imports surge 85% to $2.91 bn in January

India's gold imports surged by 85.16% to $2.91 billion in January as compared to 1.57 billion in the same month last year, as per the data compiled by Commerce Ministry. In December 2015, the imports of the metal had more than doubled, year-on-year, to $3.8 billion.

During the April-January period of the current fiscal, gold imports have increased to $29.36 billion as against $27.42 billion in the first 10 months of 2014-15. For the entire 2014-15 fiscal, gold was the third-largest commodity imported to India after crude oil and electronic items. Gold imports stood at $34.32 billion last fiscal.

India is the largest importer of gold in the world, the demand of which mostly comes from the jewellery industry.