India Gold Imports Drop 62% Amid Global Price Correction

India's gold imports fell 62.57% to $5.51 billion in October 2026, a significant decrease from the $14.72 billion recorded in October 2025. Data from the Department of Commerce shows that for the period between April and October 2026, total gold imports declined 39.9% to $24.78 billion, compared to $41.24 billion during the same window the previous year.

This decline follows a sharp correction in global gold prices. Prices ended October at $3,913 per ounce, which is approximately 25% lower than the record high of $5,405 per ounce reached in January 2026. Despite the drop in imports, India's gems and jewellery exports grew to $18.50 billion during the April-October period, up from $16.49 billion previously.

The World Gold Council suggested that gold may be approaching a temporary bottom. The organization noted that while the US dollar has rallied and gold is trading below its 200-day average, elevated speculative positioning remains a concern for a sustained recovery.