Gold imports up 23.24 per cent to USD 4.36 billion in November
India, the world's second biggest gold consumer after China, imported 650 tonnes of the precious metal in 2015-16.
New Delhi: Gold imports grew for the second consecutive month in November by 23.24 per cent to USD 4.36 billion on account of fall in prices.
Gold imports were worth USD 3.54 billion in November last year, the official data released today showed.
Imports of the precious metal were on a decline since February this year till September. It recorded positive growth in October.
The increase in gold imports, however, pushed the trade deficit to about two-year high of USD 13 billion in November from USD 10.33 billion during the same month last year.
The imports mainly take care of demand of jewellery industry. The increase in gold imports will also impact the current account deficit (CAD).
Silver imports, however, dipped by 36.33 per cent to USD 181.41 million in November as against USD 285 million in the same month last year.
The country's total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period.
India, the world's second biggest gold consumer after China, imported 650 tonnes of the precious metal in 2015-16.