India's gold imports surged by 28.73% to $69 billion during the April-February period of the fiscal year 2025-26, primarily due to rising gold prices, which are currently around ₹1,51,500 per 10 grams. This significant increase in gold imports has contributed to a widening trade deficit, which reached $310.60 billion, compared to $261.80 billion in the same period last year. Switzerland remains the largest supplier of gold, providing about 40% of India's imports, with a notable rise of 11.57% in total imports from the country to $23.5 billion. In February alone, gold imports from Switzerland skyrocketed by 719.30% year-on-year to $2.71 billion. The increase in gold imports is largely driven by demand from the jewellery industry and has implications for India's current account deficit (CAD), which inched up to $13.2 billion (1.3% of GDP) in the December quarter. To mitigate the rising imports, the Indian government recently imposed curbs on the import of gold, silver, and platinum articles.