Gold and silver prices have seen a slight decline today, with gold trading at ₹1,51,989 per 10 grams on the Multi Commodity Exchange (MCX), down by 0.35%. This drop follows a call from Indian Prime Minister Narendra Modi urging citizens to refrain from buying gold for a year. This appeal aims to protect India's foreign exchange reserves, as the country is one of the largest consumers of gold, importing over 90% of its needs. In the financial year 2025-26, India's gold imports surged to a record $72 billion, marking a 24% increase from the previous year. The prices of gold are affected by various factors including international market rates, import duties, and fluctuations in exchange rates. Gold holds significant cultural and financial importance in India, especially during weddings and festivals, making the monitoring of price trends crucial for investors and traders.