India’s gold imports roared back in January, with sharp inflows from key hubs like Switzerland and the United Arab Emirates driving the spike.
Shipments from Switzerland jumped nearly 7x month-on-month to $3.95B, while UAE imports climbed 43% to $7.05B. Total gold imports surged over 4x to $12.1B, pushing India’s trade deficit to a three-month high of $34.7B.
But here’s the real story 👇
This isn’t just about higher demand — it’s about higher prices. Over the past six years, India’s gold import value has surged 76% (to $58B), while volumes have actually fallen 23%. Early FY26 data shows the same pattern: high-value, lower-volume inflows.
Takeaway for traders:
Gold’s elevated price environment is amplifying trade data volatility. January’s spike may not be a one-off — especially if investment demand stays firm and price momentum continues.
Gold isn’t just a commodity right now — it’s a macro driver.
