Gold import revision reduces trade deficit by 5 billion
Imports still a record 47 billion in first 11 months of 2024
Gold outperforms stocks for Indian investors, boosting demand for coins and bars

MUMBAI, Jan 8 Reuters 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.

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 country39;s merchandise trade deficit to a record 37.84 billion in November, exceeding economists39; forecast of 23.9 billion and spooking financial markets.

The country39;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 by a similar amount, said a government official, who declined to be named because he was not authorised to speak publicly.

India is the world39;s secondlargest consumer of gold and relies on imports to meet most of its demand, which typically increases during the festival and wedding season in the December quarter.

Despite the revision of November numbers, the country spent a record 47…