Why has PM Modi again asked Indians to not buy gold?

PM Narendra Modi on Tuesday urged Indians not to buy gold, reiterating his earlier call, which was aimed at reducing India's gold imports to tame the trade deficit. India's gold imports rose 24% YoY to $71.98 billion in FY26, and more imports hit India's forex reserves. Thus, by cutting down on gold purchases, Indians can help save foreign exchange reserves.