Gold double counting error by Indian govt
Posted: Jan 09, 2025
- India has cut November gold imports data by $5 billion after a calculation error
- This revision reduces India's November trade deficit to $32.8 billion
- The error was due to double-counting of gold shipments in warehouses
- Gold prices have surged for seven consecutive quarters due to strong investor demand
- The ministry discovered the error and corrected it from a record $14.86 billion to $9.84 billion
- This correction follows concerns about the impact of a record trade deficit on the rupee which had hit an all-time low
- The revision also reduces the previously reported trade deficit from $37.8 billion to $32.8 billion.
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