Modi Gold Purchase Appeal
Modi's appeal to postpone gold purchases is expected to slow down discretionary jewellery spending.
Too little corroboration in the last 3 days to call a trend (4 articles). Watching for it to gain traction.
Mainstream financial press is carrying this — attention has broadened beyond specialist outlets.
"Buyer growth in April was strong due to Akshaya Tritiya, weddings and a small moderation in gold prices, but moderated in May due to government interventions (appeal by PM, custom duty hike)"
"India's gold demand fell 6 per cent year-on-year (YoY) to 131.4 tonnes in the second quarter of 2026 as high prices hampered jewellery sales... many customers delayed buying jewellery throughout the quarter due to high domestic gold prices."
"Deserted shops meet one’s eyes at Meerut’s historic Sarafa bazar, the large colonial-era bullion market famous for its gold, silver and diamond trading, after Prime Minister Narendra Modi’s austere call to curb gold purchase for a year."
"This appeal is predicted to slow down discretionary jewellery spending."