PM Modi's call to postpone gold buying has created uncertainty in the bullion market. While some jewellers worry about the impact and introduce new schemes, others report no significant change in sales, urging cooperation with the PM's initiative.
The recent statement by Prime Minister Narendra Modi on postponing the buying of gold has led to some people expressing uncertainty over the bullion market, with traders and the public closely watching its possible economic implications. The Prime Minister's advisory discouraging non-essential gold purchases has raised worries among jewellers, while also sparking uncertainty among consumers who view gold as both an investment and a traditional asset.
Jewellers' Mixed Reactions
Some jewellers, like Sanjay Kumar Agrawal of Parampara Jewellers, expressed that despite the call for reduce non essential gold buying, the sellers still have to stay in the market. He also urged customers to exchange old gold through new market schemes. Agarwal said, "We all have gold in our homes. People think of keeping their gold in a locker and buying new gold. We request that they get the gold back to their home. Despite the prime minister's statement on postponing the buying of gold, we have to stay in the market." He added that despite the concerns, jewellers are introducing new schemes to attract customers, encouraging people to exchange existing gold and benefit from offers to sustain market activity.
Another manager, Pawan Kumar Chaurasia of Tanishq, said there has been no significant impact on gold sales. He said that customers are coming to buy jewellery from stores as usual, and that everyone should get behind the Prime Minister's initiative. "There has been no significant impact on gold sales, as customers continue to visit jewellery stores as usual. No impacts have been made so far. Customers are coming into the shop, and sales remain usual. We all should cooperate with the Prime Minister in his initiative."
PM Modi's Appeal to Citizens
PM Modi on Monday said the government is making relentless efforts to ensure that the impact of the West Asia war crisis on citizens is kept to an absolute minimum and urged people to reduce consumption of imported products and avoid personal activities that incur expenditure in foreign exchange. The Prime Minister urged people to reduce the use of petrol and diesel to the extent possible and suggested virtual meetings and work from home in government and private offices. He said a huge amount of the country's money also goes abroad on gold imports and urged people to postpone the purchase of gold until the situation returns to normal.
PM Modi added, "I appeal to every citizen of my country to reduce the use of petrol-diesel as much as possible. Use the metro, make greater use of electric buses and public transport, and promote carpooling. Those who have a car should take more people along in one vehicle. Digital technology has now made so many things easy that technology's assistance will also be very beneficial for us. It is essential that priority be given to virtual meetings and work from home in both government and private offices," he said"A huge amount of the country's money also goes abroad on gold imports. Therefore, I would urge all of you, my fellow countrymen, to postpone the purchase of gold until the situation returns to normal. Today, the need of the hour is that we turn "Vocal for Local" into a people's movement. Instead of foreign goods, adopt local products. Empower the entrepreneurs of your village, your city, your country." (ANI)
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