India's gold imports surged by 28.73% to $69 billion during the April-February 2025-26 period, compared to $53.52 billion in the same timeframe last year, as reported by the Commerce Ministry. The increase in imports is attributed to high gold prices, which are currently around ₹151,500 per 10 grams in the national capital. This rise in imports has contributed to a widening trade deficit, which reached $310.60 billion, up from $261.80 billion the previous year. Switzerland remains the largest supplier of gold to India, holding a 40% share of imports, with a notable 719.30% year-on-year increase in imports from that country in February alone. Furthermore, silver imports also saw a significant rise, jumping 142.87% to $11.43 billion. In response to the increasing import costs, the Indian government has imposed restrictions on the import of gold, silver, and platinum to mitigate the impact on the current account deficit, which has shown fluctuations in recent quarters.