🇮🇳 May 10, 2026. Hyderabad. Modi said something that no Prime Minister usually says.

"Don't buy gold for one year."
To 1.4 billion people.
In the world's most gold-obsessed country.
Why did he say it? Look at the numbers —
₹72 billion in gold imports — in just one year.
$38 billion in forex reserves — gone in two months.
Current account deficit risk reaching $84 billion.
Crude oil at $105 per barrel. The rupee was falling.
The RBI was running out of dollars.
And here's the irony —
The same day Modi said "Don't buy gold" —
The RBI was quietly buying gold.
794 tonnes → 880 tonnes.
The government said stop.
The RBI said — we won't.
Result?
Gold demand fell 70% — import duty increased from 6% to 15%.
25 tonnes dropped to just 7.5 tonnes per fortnight.
Titan −6.6%. Senco Gold −10.8%. Kalyan −9.5%.
One speech crushed jewellery stocks.
The world's largest gold-consuming country —
Hearing its own Prime Minister say:
"Don't buy gold for now."
Something to think about.