India Cuts November Gold Imports by Record $5 Billion

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.

- Reuters

MUMBAI:

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.

The country's gold imports in November were $9.84 billion, compared with a preliminary estimate of $14.8 billion published last month, data compiled by the Directorate General of Commercial Intelligence and Statistics (DGCIS) showed.

The downward revision in gold imports by $5 billion would reduce the trade deficit

NOVEMBER GOLD IMPORTS TOTALED $9.84 BN, DOWN FROM THE EARLIER ESTIMATE OF $14.8 BN PUBLISHED LAST MONTH