Gold, silver imports soften in July

India’s gold and silver imports softened in July following a sharp increase in customs duty on these precious metals, according to data released by the commerce ministry.

While gold imports rose by only 4.77 per cent to $4.16 billion, silver imports dipped 66.1 per cent to $171.68 million in July, the data showed. The Government has increased import duty on precious metals from 6 per cent to 15 per cent effective May 13.

Prices of the yellow metal were hovering around Rs 1,57,000 per 10 grams (inclusive of all taxes) in the national capital on Thursday. Silver was priced at around Rs 2.40 lakh per Kg.

Cumulatively during April-July 2026-27, gold imports grew by 32.41 per cent to $15.17 billion, while silver imports declined 50.81 per cent to $718.42 million.

In April, gold imports were up 81.69 per cent, 34 per cent in May, and 7 per cent in June.

Switzerland was the largest source of gold imports, with about a 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent).

The precious metal accounts for over 5 per cent of the country’s total imports.

The total imports from Switzerland rose 62.26 per cent to USD 2 billion in July.

India is the world’s second-biggest gold consumer after China. The imports mainly meet the demand of the jewellery industry. The imports have implications for India’s current account deficit (CAD).