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PM Modi appeal impact: Gold import growth down substantially in May

Gold imports saw a significant slowdown in May, a welcome development following Prime Minister Modi's calls to curb consumption. This deceleration, with imports at approximately USD 12 billion, marks a third consecutive monthly decline. The Reserve Bank highlighted that while gold prices rose, increased imports had previously widened the trade deficit, impacting fiscal stability. Investor interest in gold ETFs also cooled, with outflows observed in May.

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economictimes.indiatimes.comStai leggendo1 g fa

PM Modi appeal impact: Gold import growth down substantially in May

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newsbytesapp.com3 g fa

Gold prices have dropped over ₹13,000 since PM's appeal

Modi's call to delay gold purchases cut prices ₹13,000 per 10gm in 2.5 months; 15% import duty hike signals forex tightening amid geopolitical strain. Rising protectionism and FX constraints reshape India's capex planning—direct concern for tech leaders assessing infrastructure timing and supply chain costs.

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Timeline cronologica

domenica 28 giugno 2026·newsbytesapp.com
Gold prices have dropped over ₹13,000 since PM's appeal
Gold prices have plummeted over Rs 13,000 per 10 grams, while silver has dropped nearly Rs 46,000 per kilogram since PM Modi's call to delay gold purchases.
martedì 30 giugno 2026·economictimes.indiatimes.com
PM Modi appeal impact: Gold import growth down substantially in May
Gold imports saw a significant slowdown in May, a welcome development following Prime Minister Modi's calls to curb consumption. This deceleration, with imports at approximately…