Editorial photo #13706789 Economy, Business and Finance
Gold Prices Record Highs In India - PM Modi To Urge Indians To Avoid Buying Gold For One Year
Gold ornaments are displayed in a jewelry polishing workshop, along with Indian currency notes, in Tehatta, West Bengal, India, on April 28, 2026. Gold prices in India are soaring in May 2026 due to high import duties, a weakening Indian Rupee, and increased global demand for safe-haven assets. Rising geopolitical tensions, central bank purchases, and strong domestic demand for gold-backed loans contribute to this trend. As of mid-May 2026, gold prices in India are nearing record highs at around Rs. 16,000 per gram for 24K gold. In response, Indian Prime Minister Narendra Modi urges citizens to refrain from buying gold for a year to reduce import costs, which exceeded $70 billion and are over 10% of India's total imports. (Photo by Soumyabrata Roy/NurPhoto)
