In the fiscal year 2025-26, India's gold imports surged by 24%, reaching an unprecedented $71.98 billion, according to the Commerce Ministry. This increase is attributed to soaring prices, with the price of gold rising from $76,617.48 per kilogram in FY25 to $99,825.38 per kilogram in FY26. Despite this rise in value, the volume of gold imported fell by 4.76%, totaling 721.03 tonnes. Additionally, silver imports skyrocketed by 150%, amounting to $12 billion, with a volume increase of 42% to 7,334.96 tonnes. The surge in imports has significantly impacted India's trade deficit, which reached $333.2 billion. The government has responded to this growing import trend by imposing restrictions on gold, silver, and platinum imports. As the world's second-largest gold consumer after China, India's demand is primarily driven by the jewelry industry, and the rising imports have implications for the country's current account deficit, which stood at $13.2 billion in the December quarter.