India imported $2.5 billion worth gold in May, which was 13 per cent down on a year-on-year basis and 18 per cent sequentially. However, silver imports in May were seen shooting up. In the first five months of the year, gold imports are down by 27 per cent in volume terms, while silver imports have halved compared to the same period last year.

Based on World Gold Council’s estimates, gold imports in May totalling $2.5 billion, represents the second consecutive month of decline and aligns with a softer domestic demand environment.

As per the data of Metals Focus, the gold import for the month of May is estimated to be 31 tonnes against 41 tonnes in the same month last year. The imports were 35 tonnes in April 2025.

In the first five months of the calendar year 2025, the country imported 184 tonnes of gold against 255 tonnes in the same period last year – down by 27 per cent.

Meanwhile, silver imports were down by 50.8 per cent in the first five months of the calendar year. In the first five months till May, the country imported 2094 tonnes of silver against 4257 tonnes in the same period of last year.

However, silver imports went up 320 per cent in May to 433 tonnes against 103 tonnes in the same month last year. Silver imports in May were 160 per cent higher than 166 tonnes in the previous month of April. Lower imports in February and March have brought down the total imports for the first five months of this year against the same period last year.

“In the case of gold, the high prices have been working against the demand and even demand in general is low during this time of year with fewer weddings compared to the second half of the year. However, in the case of silver, the investment demand has seen a pick-up. The market expects that silver prices will go up in the future. This has supported investment demand in the metal,” said Chirag Sheth, founder, Metal Focus.

Courtesy: Deccan Chronicle