India's Gold Prices Crash After Prime Minister's Advice to Reduce Spending

After Prime Minister Narendra Modi advised people not to buy gold for a year 40 days ago, the price of gold and silver has crashed. This big drop in prices has been seen in the midst of the government's efforts to reduce imports and the sale of precious metals in the global market. On May 10, Prime Minister Narendra Modi appealed to the countrymen to avoid unnecessary spending. He specifically advised them to buy gold and avoid foreign travel for a year, saying that this will help save the country's foreign exchange reserves. At that time the price of 24-carat gold was 1,53,140 rupees (gold rate) per 10 grams and silver was 2,62,350 rupees (silver rate) per kilogram. After this, the price of gold fell to 1,41,421 rupees (gold price today) per 10 grams till 29 June. That is, gold became cheaper by ₹11719 per 10 grams.