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.

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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.

The commerce department has revised downward the value of gold imports by over $5 billion to $9.8 billion in November, while also lowering the number for April-November from $49 billion estimated last month to $37.