Gold imports jump over 2-fold to $13.35 bn in April-July

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India’s gold imports more than doubled to $13.35 billion during the April-July period of the current fiscal, according to the data of the Commerce Ministry. Gold imports, which has bearing on the country’s current account deficit (CAD), stood at $4.97 billion in April-July 2016-17.

In July this year, imports of the precious metal rose to $2.10 billion from $1.07 billion in the same month of the previous year. Surge in gold imports in July contributed to the widening of trade deficit to $11.44 billion as against $7.76 billion in July 2016.

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