Modi: Indian people should not buy gold unless necessary

On September 1st, Indian Prime Minister Modi called on the Indian people not to purchase gold unless necessary to alleviate the pressure of trade deficit and rupee depreciation. This is the second time Modi has issued such a call within the year. India's gold imports in the first four months of this fiscal year increased by over 32% year-on-year, and the trade deficit widened to $32 billion in July. Modi urged the public to purchase local products and avoid traveling overseas for tourism and weddings.