- Traders to encourage minimal, essential gold buying.
Bullion traders across the country have backed Prime Minister Narendra Modi’s appeal to the citizens to not buy gold for a year, urging people to buy the precious metals not more than what is necessary.
On Sunday, Modi called on people to stop buying gold for a year, cut consumption of petrol and diesel, and resume work from home setup as the country faces economic stress and foreign exchange deficit due to the Iran war.
Traders have deemed right the Prime Minister’s appeal in the wake of the given geopolitical situation. While they said that the move will lead them to bear losses, they prioritised national interest.
Gold Traders Ready to Take a Hit for the Nation
Mumbai-based bullion trader Kumar Jain said, “We completely agree with the Prime Minister. Around 800–900 tonnes of gold come into India every year. Payment has to be made in dollars somewhere along the line. The dollar has already touched 97. There has been a very sharp rise. We will also appeal to our customers to buy only as much gold as is needed for a wedding, not more. There will be losses, but we will have to bear them for the sake of the country.”
Also Read: Petrol, Diesel Prices Unchanged On May 13 As Oil Companies Lose Rs 1,700 Crore Daily
‘National Interest Must Come First,’ Say Mumbai Traders
Another Mumbai-based trader said, “The appeal the Prime Minister has made is absolutely right. Given the geopolitical situation, this is a very important need of the hour. Our rupee has been falling for quite some time now. We fully agree with the Prime Minister. This step has been taken correctly in the national interest. Our business will suffer greatly, artisans will suffer, but even so, national interest is paramount. We appreciate the Prime Minister’s advice.”
A trader from Kanpur, Uttar Pradesh, said the measure is temporary and the citizens should abide by it. “Modi ji has asked people not to buy gold for one year. He has not said don’t buy it for a lifetime. He must have said it after careful thought. Those who have weddings at home will still buy a little. Investors actually buy more gold than women do, and that is what drives up the prices.”
Also Read: Gold, Silver To Get Costlier As India Raises Tariff Imports To 15% After PM Modi’s Appeal
PM Modi’s Seven Appeals to the Nation
The Prime Minister made seven appeals to the people of India. He urged Indians to prioritise work from home wherever possible and avoid foreign travel for the next year. He also called on people to cut down on imports and the use of foreign products, and instead adopt Indian-made goods.
On the agricultural front, he encouraged a shift towards natural farming to reduce dependence on fertilisers. In everyday life, he asked citizens to use less cooking oil, cut back on petrol and diesel consumption, and switch to public transport. Finally, he appealed to people to refrain from buying gold for one year.
