“India’s economic boogeyman, the monthly trade deficit, continues to rear its ugly head, this and every time, driven be the country’s insatiable desire for gold which is so powerful, the country took full advantage of the plunge in gold prices, and saw business imports of gold soar by 138% y/y in April, forcing the trade deficit to hit a 3 month high of $17.8 billion as more fiat left the country in return for bringing in more of the ‘barbarous relic.’ Gold imports more than doubled on both a Y/Y and sequential basis, with gold accounting for $7.5 billion, or 18% of total imports, compared to $3.1 billion in March.”

http://www.zerohedge.com/news/2013-05-13/india-trade-deficit-deteriorates-gold-imports-soar-138

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