•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
India’s Prime Minister Narendra Modi has urged citizens to curb gold purchases for one year, including limiting the purchase of gold jewelry during festivals and weddings, in a bid to ease pressure on the country’s foreign exchange reserves. Speaking on May 10 in Hyderabad, Modi also called for reducing overseas travel, saving fuel by using public transport or carpooling, working from home where possible, and cutting cooking oil consumption by 10%.
The measures are intended to reduce foreign expenditure as global oil prices rise amid conflict in the Middle East. The backdrop includes geopolitical tensions involving the US, Israel and Iran, which have disrupted the Hormuz Strait for more than two and a half months and pushed Brent crude above $105 per barrel.
Reports and images from gold shops indicated a shift in demand, with some buyers moving from traditional jewelry toward bullion and gold exchange-traded funds (ETFs). India, a major importer of energy, faces heightened pressure as oil bills increase.
Data cited in the report shows that India’s gold imports in fiscal year 2026 rose 24.1% to $72 billion. Silver imports increased 149.6% to $12.1 billion. Together, gold and silver accounted for about 10.8% of India’s total imports, highlighting the drag from the trade deficit on the rupee and foreign exchange reserves.
Following Modi’s appeal, shares of major gold retailers fell in trading on May 11. Senco Gold dropped 8.69%, Kalyan Jewellers fell 8.3%, PC Jeweller declined 3.26%, and Titan Company fell 6.45%. The Sensex also declined by more than 1,000 points in morning trading, reflecting concerns about prolonged economic disruption.
Government officials later clarified that there is no plan at the time to raise gold and silver import duties.
Analysts described the move as a softer approach that could be used to gauge market response before any stronger policy steps. Domestically, business groups including Bharti Enterprises, EY India and KPMG expressed support and began reviewing spending policies, while opposition leaders criticized the appeal.
Lok Sabha leader Rahul Gandhi said that after 12 years, the country is being told what to buy, where to go and what to do, arguing this reflects a broader issue with policy direction. Some experts characterized the appeal as an effort to mobilize a “patriotic economic spirit” during a global crisis.
Former Finance Minister P. Chidambaram previously urged limiting gold purchases in 2013 when India faced a current-account deficit.
According to the World Gold Council, India remains the world’s second-largest gold consumer. Jewelry demand dipped 19% in Q1 2026 due to high prices, while investment in gold bars, coins and ETFs rose—marking a shift away from jewelry consumption for the first time.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
