PM Modi Urges Citizens to Cut Gold Purchases Amid Economic Concerns!

Prime Minister Narendra Modi on Sunday urged citizens to reduce gold purchases for at least one year, citing global instability and rising pressure on India’s foreign exchange reserves. Addressing a BJP public meeting at Secunderabad Parade Grounds, Modi said that lowering gold imports would help strengthen the country’s forex reserves. Following his remarks, gold-related stocks witnessed a sharp fall during Monday’s trading session. Shares of Titan Company dropped more than 6 percent to ₹4,230, while stocks such as Kalyan Jewellers and Senco Gold also declined significantly.

Jewellery traders across the country expressed concern over the Prime Minister’s statement. The Jewellery Association announced that it would meet the Prime Minister’s Office on May 12 to discuss the issue. India remains one of the world’s largest consumers of gold, importing nearly 700-800 tonnes annually while producing only 1-2 tonnes domestically. In the 2025-26 financial year, India’s gold import bill reportedly surged to a record 72 billion dollars. Modi also advised citizens to reduce destination weddings, foreign travel, and oil consumption while encouraging the use of indigenous products to reduce economic pressure on the country.