This week, Prime Minister Narendra Modi urged citizens to temporarily reduce gold purchases over the next one year while speaking at an event in Hyderabad on Sunday, May 10, 2026. He said that cutting non-essential gold buying could help reduce pressure on foreign exchange reserves and imports. It was followed by the central government increasing customs duty on silver, gold and other precious metals.
Over the past few days, gold prices have remained highly volatile due to the PM’s appeal, hiked export duties, geopolitical tensions in the Middle East, higher crude oil prices, etc.
