In a recent speech in Secunderabad, Prime Minister Narendra Modi urged Indians to refrain from purchasing gold for the next year, highlighting the need to conserve foreign exchange reserves amid rising global economic uncertainties. India, which imports most of its gold, faces increased dollar demand, especially with elevated crude oil prices contributing to a widening trade deficit. Analysts, including Jateen Trivedi from LKP Securities, suggest that while Modi's appeal may temporarily slow discretionary purchases, it is unlikely to significantly impact the long-term demand for gold, which is deeply embedded in Indian culture and savings behavior. Sameer Dalal from Natverlal & Sons Stockbrokers echoed this sentiment, noting that consumers are likely to continue buying gold for weddings and traditions despite the appeal. He also mentioned the possibility of higher import duties, which historically have not deterred gold purchases but may lead to reduced quantities bought. The overall sentiment remains cautious, with potential earnings downgrades expected if geopolitical tensions persist.