Gold Prices Decline Following PM Modi's Call to Reduce Consumption
Gold Rate Falls Today After PM Modi's Call To Cut Yellow Metal Consumption; Check City-Wise Prices
News 18
Image: News 18
Gold and silver prices have decreased following a call from Indian Prime Minister Narendra Modi urging citizens to limit gold purchases for a year to protect the country's foreign exchange reserves. As of today, gold is priced at approximately ₹1,51,989 per 10 grams on the MCX, reflecting a 0.35% drop.
- 01Gold prices fell 0.35% to ₹1,51,989 per 10 grams on the MCX.
- 02PM Modi has urged citizens to avoid gold purchases for a year.
- 03India's gold imports reached a record $72 billion in FY 2025-26.
- 04The country relies on imports for over 90% of its gold needs.
- 05Gold prices are influenced by international rates, duties, and exchange fluctuations.
Advertisement
In-Article Ad
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.
Advertisement
In-Article Ad
The decline in gold prices and PM Modi's appeal may lead to reduced gold purchases, impacting local jewelers and the gold market in India.
Advertisement
In-Article Ad
Reader Poll
Do you agree with PM Modi's call to reduce gold purchases?
Connecting to poll...
Read the original article
Visit the source for the complete story.
