Modi Urges Indians to Avoid Gold Purchases

Modi's repeated public pressure on gold buying signals policy-level concern over the import bill's macroeconomic drag, not just a passing comment. The 32% import surge shows household demand is overriding moral suasion, meaning the effectiveness of such appeals is the key test. For markets, the question is whether this rhetoric escalates into actual import restrictions or tariffs, which would directly impact physical gold flows and pricing dynamics in the region. Watch for any shift from persuasion to policy tools.