India sharply lowered its April-November 2024 gold import estimate by $11.7 billion on Thursday after precious metal trade figures were miscalculated due to some double counting. The government revised its gold import estimate to $37.

India on Thursday said it has revised its trade data for precious metals after a detailed examination found that November gold imports witnessed an “unusual surge” owing to technical glitches.

The figures were scrutinised after an “unusual surge” in precious metal imports in November, the ministry said.

India has slashed its November gold import estimates by an unprecedented $5 billion, the largest revision for any commodity in history, the government data showed on Wednesday.

India’s trade deficit for November was revised downward to $32.8 billion, with gold imports adjusted to $9.8 billion. This revision followed a reporting error and reflects a shift in trade dynamics, with imports surpassing exports amid strong performance in services.

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,