Gold imports jump over 2-fold to $3.5 bn in October

Arresting the eight-month fall, gold imports more than doubled to USD 3.5 billion in October on account of high festival demand.

Gold imports had stood at USD 1.67 billion in October last year, official data released showed.

The imports of the precious metal were on a decline since February this year till September.

The increase in gold imports pushed the trade deficit to 10-month high of USD 10.16 billion in October from USD 9.69 billion during the same month last year.

The imports mainly take care of demand of jewellery industry.

The jump in gold imports will also impact the current account deficit (CAD).

Silver imports, however, dipped by 49 per cent to USD 181.93 million in October as against USD 355.38 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 in 2015-16.