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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 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.

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.

Gold prices fell in India on Wednesday, according to data compiled by FXStreet. The price for Gold stood at 7,303.81 Indian Rupees (INR) per gram, down compared with the INR 7,313.69 it cost on Tuesday. The price for Gold decreased to INR 85,189.29 per tola from INR 85,305.47 per tola a day earlier.

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 Indian government has admitted to a significant miscalculation in its import figures for precious metals, an error that had inflated the trade deficit to a record level in November and contributed to a sharp decline in the value of the rupee.

The double counting happened because the migration of data recording system from NSDL to the Indian Customs Electronic Data Interchange Gateway was not finished

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.