The country's gold imports dipped about 5 per cent in value terms to USD 26.93 billion during April-January 2018-19, which is expected to keep a lid on the current account deficit. According to commerce ministry data, total imports of the precious metal in the corresponding period of 2017-18 stood at USD 28.23 billion.

Industry experts said softening prices of the precious metal in the world markets could be the reason for the contraction in imports. After recording negative growth for three consecutive months -- October, November and December 2018, the imports grew by 38.16 per cent to USD 2.31 billion in January this year.

India is one of the largest gold importers in the world, and the imports mainly take care of demand from the jewellery industry. Gems and jewellery exports too dipped by 4 per cent to USD 32.9 billion during the 10 months of the current fiscal.