In a speech delivered in Hyderabad’s Secunderabad, Narendra Modi urged Indians to avoid buying gold for the next one year, an appeal that immediately grabbed attention in a country where gold is far more than a financial asset. For Indian households, the precious metal represents tradition, security, weddings, savings and generational wealth, making the Prime Minister’s remarks both unusual and significant.
Gold has historically been viewed as one of the safest long-term stores of value for Indian families, particularly during periods of uncertainty. Which is precisely why the comments triggered a sharp reaction across the market, with shares of jewellery companies plunging as much as 9% on Monday in a knee-jerk selloff.
