The massive jump in gold and silver prices during 2025-26 accounted for as much as $21.19 billion of the $48.7-billion surge recorded in merchandise trade deficit during the year. The trade deficit came in at $333.2 billion in FY26 against $284.5 billion the previous year. The year saw investors and central banks piling on precious metals, leading to prices testing new highs. The uncertainty prevailing over most of the year due to Trump tariffs drove up the demand.