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India Cuts November Gold Imports by Record $5 Billion
Hindustan Times West UP
|January 09, 2025
November Gold Imports Totaled $9.84 Billion, Down From the Earlier Estimate of $14.8 Billion Published Last Month
MUMBAI: India has cut its November gold import estimates by an unprecedented $5 billion, the largest revision for any commodity in history, after errors in preliminary calculations inflated the figure to a record, government data showed on Wednesday.
New Delhi said last month its gold imports hit a record high of $14.8 billion in November, more than doubling from $7.13 billion in October.
The spike widened the country's merchandise trade deficit to a record $37.84 billion in November, exceeding economists' forecast of $23.9 billion and spooking financial markets.
This story is from the January 09, 2025 edition of Hindustan Times West UP.
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