The Indian government is re-examining a surge in gold imports that widened the country's trade deficit to a record in November and pushed the rupee to an all-time low, two government sources aware of the matter told Reuters.

A surge in gold imports that widened India’s trade deficit to a record last month and pushed the rupee to an all-time low was due to an error in calculation, according to people with knowledge of the matter.

India's commerce ministry is investigating a potential error in gold import data for November 2024, following a record surge in imports. The issue mirrors a similar discrepancy in 2011, raising concerns about data integrity and impacting trade deficit calculations.

A surge in gold imports that widened India's trade deficit to a record in November and pushed the rupee to an all-time low was due to an error in calculation, Bloomberg News reported on Wednesday, citing people with knowledge of the matter.

The commerce department and Central Board of Indirect Taxes and Customs are reviewing the gold import numbers for Nov, amid concerns that some error may have crept in to push up the overall figure.Latest data released by the commerce department earlier this week pegged gold imports at $14.

India's gold imports are poised for a sharp slowdown in December following record purchases in November, in the absence of any major festival and as rebounding prices prompt buyers to delay purchases,

India's gold imports have surged alarmingly, posing a potential threat to its trade balance and economic stability, and the government should take action to address this issue, think tank GTRI said on