India's record gold import last month was reportedly due to an error in calculation. The Indian government is re-examining the surge in gold imports that widened India's trade deficit.

According to a Bloomberg report, the surge in gold imports was due to a miscalculation that pushed the rupee to an all-time low. Officials doubled gold shipments to warehouses, the report said. The data could be more than 50 tons in November, which is almost 30% of all gold imports for that month.

Meanwhile, Reuters reported that India's Directorate General of Trade Intelligence and Statistics (DGCIS) has conducted a "detailed analysis of the gold import data" and would be reconciling it with the data collected by the tax department.

Trade figures are likely to be revised if an error is identified, and traders can expect a foreign exchange rate correction. It could also ease concerns about the state of the economy caused by the data, the report said.

India's trade deficit widened to $37.8 billion in November, boosted by growth in gold imports, from $3.44 billion a year ago to a record $14.8 billion. Although gold imports have increased gradually, the unprecedented increase has stunned analysts.

The report said officials are likely to have added imports held by guards in free trade zone warehouses with accounts reported by domestic banks that buy gold from handlers. Gold is considered an import only after it is taken out of the warehouse.

The report added that India's overall gold imports could be between 800-1,000 tonnes annually.