What deteriorates India’s current account balance: crude oil imports or gold imports?

We examine the impact of crude oil imports and gold imports on India's current account balance (CAB) using linear cointegration techniques for the period 1980-2017. We find strong evidence in support of a positive and significant impact of crude oil imports and a negative and significant impact of gold imports on India's CAB. It also reveals that while rising crude oil price deteriorates India's CAB, rising gold price improves it in the short run.