Unless necessary, do not buy gold, reiterates PM Modi on Instagram; jewellery stocks slide

Prime Minister Narendra Modi has again urged Indians to avoid buying gold unless necessary, saying greater focus on local products and self-reliance can help India become a developed nation. India’s gold imports hit a record $71.98 billion in FY26, up 24% from the previous year, even as import volumes fell 4.8% to 721 tonnes.