Gold Prices Plummet After Modi's Appeal: India Spends $6 Billion on Oil Imports

"" "My request to the countrymen is not to buy gold for the next one year..." "Since this appeal of Prime Minister Narendra Modi, there has been a tremendous fall in gold prices. On 25 June 2026, 24 carat gold fell by Rs 2,156 to Rs 1.4 lakh per 10 grams. At the beginning of this month, on 1 June, gold was Rs 1.56 lakh per 10 grams. That is, in just 25 days, gold has become cheaper by Rs 16,000 per 10 grams. According to the India Bullion and Jewellers Association (IBJA), on 25 June 2026, gold prices: This year's fluctuation in gold prices: that is, gold has become cheaper by Rs 36,099 from the record level of 29 January. Prime Minister Narendra Modi had appealed not to buy gold for a year. The purpose was to save foreign exchange reserves and reduce dependence on expensive imports. In fact, gold is India's second largest import after crude oil. In the financial year 2026, India spent about $6 billion (6 billion) on oil imports."