Gold imports sink 73% MoM in November, analysts say demand intact

Gold imports in the month of November were $4 billion.

India’s gold imports saw a sharp correction in November, falling nearly 73 percent month on month to $4 billion, down from record buying of $14.7 billion in October as a result of some demand moderation at elevated prices.

The October surge had pushed imports to record levels as jewellers and traders stocked up ahead of the festive and wedding season, which typically drives peak demand. "Historically, gold imports tend to be front loaded in October for this reason, leaving less requirement in subsequent months," noted Bhavik Patel, senior analyst, Tradebulls Securities. As a result, the steep sequential drop in November appears more optical than structural.

On a cumulative basis, gold imports between April and November have risen marginally compared to the same period last year, which implies that overall demand has remained steady despite the sharp month on month fall.

Further, according to analysts, high prices also played a role in the November slowdown. With gold trading near record highs, jewellery demand tends to soften, leading to deferred purchases and lower fresh imports. In a note, Barclays stated that "gold imports had peaked in October, but the

magnitude of correction in November has surprised."

Gold imports are now back to the levels seen in April–August this FY25-26, and barring any major price shocks, the trend is likely to continue.

Further, the moderation was visible across precious metals. Silver imports fell to around $1.1 billion in November, down about 60 percent month on month. Together, the decline in gold and silver imports led to a sharp contraction in overall imports, which fell to $62.7 billion in November, down 18 percent from October and about 2 percent lower year on year. Precious metals, along with gems and jewellery, accounted for the bulk of the sequential decline.

Gems and jewellery imports, which include gold, silver and precious stones, dropped sharply to $6.9 billion in November from $18.5 billion in October. This segment alone explained nearly 86 percent of the month on month fall in total imports.

Despite the November correction, the broader trend for gold and silver imports for the year remains strong. The value of gold and silver imports rose to $47.6 billion during the first seven months of FY26, which markets the highest level in recent years, finding support from higher volumes and as well as elevated global prices.

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