Modi asks Indians to skip buying gold for 1 year
India
Prime Minister Narendra Modi has called on Indians to skip buying gold for one year (starting May 2026), saying it's a "national responsibility" during tough economic times.
This move comes as global oil prices soar past $100 a barrel and the West Asia crisis puts extra pressure on India's economy.
Gold's cultural role, nearly $72B imports
Gold isn't just jewelry here: it's tied to weddings, family traditions, and financial security.
In FY 26 alone, India imported nearly $72 billion worth of gold.
Modi hopes cutting back will help stabilize the economy and protect India's foreign exchange reserves.
But with gold so deeply woven into Indian culture, it'll be interesting to see how people respond to his appeal.