Narendra Modi's gold call sees India's imports fall to $12bn
India
Looks like Prime Minister Modi's recent call to cut back on gold is working: India's gold imports fell to $12 billion in May 2026, marking three straight months of decline.
Earlier this year, high gold prices had pushed imports up, adding to the country's trade deficit along with petroleum.
Household debt rises to 45.5% GDP
People also started pulling money out of gold exchange-traded funds (ETFs). After big investments in January, May saw net outflows of ₹725 crore.
Meanwhile, household debt climbed to 45.5% of GDP by March 2026, mostly from personal loans rather than home loans.
The silver lining: more borrowers now have better credit ratings than before.