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’s government is still finalizing revisions to gold import figures and trade data after discovering discrepancies in their calculation last month, according to people familiar with the matter.

India's gold import figures for November have been revised sharply downward to $9.8 billion, significantly lower than the previously announced $14.8 billion, according to data from the Directorate General of Commercial Intelligence and Statistics (DGCIS) released on Wednesday.

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,