India’s gold imports soared 199% in October to $14.7 billion, driven by wedding-season demand, festive buying, and safe-haven interest amid global uncertainty from Trump’s steep tariffs. Last year, imports stood at $4.9 billion.

Despite near-record prices, demand jumped as GST relief boosted household spending, while jewellers reported strong traction in lower-carat gold and silver. Silver imports also surged sixfold to $2.72 billion.

In volume terms, gold imports rose to 165 tonnes from 60.6 tonnes a year earlier. Yet the sharp rise in value reflects a global gold price rally of nearly 50%, pushing up India’s import bill even without a proportionate volume jump.

Festivals like Dhanteras and Diwali, followed by the wedding season, further lifted jewellery purchases. However, gems and jewellery exports fell 29.5%, showing that most of the imported precious metals fed domestic demand.

Analysts say Trump tariffs spurred foreign investor outflows, pressuring the rupee and boosting demand for safe havens like gold, silver, and ETFs.
While October demand was strong, experts expect moderation from mid-January as the peak wedding season cools.