Prime Minister Narendra Modi appealed to Indian citizens on Sunday to refrain from buying gold for one year [1].

The request marks a significant attempt by the Indian government to stabilize the national economy amid volatile global markets. By reducing the demand for gold and fuel, the administration aims to protect the country's financial reserves during a period of geopolitical instability.

Speaking in Hyderabad, Telangana, on May 10, 2026 [1], the prime minister asked the public to avoid gold purchases for a period of one year [1]. He said this measure is necessary to reduce the foreign-exchange burden caused by gold imports [3].

In addition to the gold appeal, Modi called for the conservation of petrol and diesel [2]. This request comes as India navigates an oil-market crisis in the Hormuz region and ongoing tensions in West Asia [3]. The government is seeking to lower its dependence on imported energy sources to maintain economic stability, a move intended to shield the domestic economy from external shocks.

India has historically been one of the world's largest importers of gold, which puts consistent pressure on its current account deficit. By urging a temporary halt in consumption, the prime minister is attempting to curb the outflow of foreign currency [3].

The call for fuel conservation specifically addresses the vulnerability of oil supply chains in the Middle East. With the Hormuz oil-market crisis impacting global shipping and pricing, the government is prioritizing energy security to prevent domestic price spikes [3].

“Prime Minister Narendra Modi appealed to Indian citizens to refrain from buying gold for one year.”

This appeal signals that the Indian government views the current combination of gold import costs and West Asian geopolitical instability as a critical threat to its foreign-exchange reserves. By framing economic stability as a matter of civic duty, the administration is attempting to use public behavioral changes to offset macroeconomic vulnerabilities that cannot be solved through policy alone.