India’s gold imports more than doubled to $13.35 billion during the April-July period of the current fiscal, according to Commerce Ministry data.
Gold imports, which have a bearing on the country’s current account deficit (CAD), stood at $4.97 billion in April-July 2016-17.
In July, imports of the precious metal rose to $2.1 billion, from $1.07 billion in the same month of 2016. The surge in gold imports in July contributed to the widening of the trade deficit to $11.44 billion from $7.76 billion a year earlier. India is recording a surge in inbound shipments of gold from South Korea.