Longer-term trends indicate a structural shift in India's gold imports, with value rising sharply over time while volumes have stagnated or declined. Gold import value increased from USD 32.91 billion in FY19 to USD 58.01 billion in FY25, a 76 per cent rise over six years.
According to market experts, the ongoing shift by several countries from dollar reserves to metal-backed assets has further pushed precious metal prices upward.