Gold Traders Oppose Modi’s Appeal to Avoid Gold Purchases

Jewellers and bullion traders staged a protest in Uttar Pradesh’s Lucknow on Tuesday after Prime Minister Narendra Modi appealed to citizens to avoid purchasing gold for a year as part of broader calls for economic caution and fuel conservation amid global uncertainty.

The protest was organized by members of local jewellers’ associations, including traders from the city’s bullion market, who expressed concern that any prolonged decline in gold purchases could severely affect the jewellery trade and thousands of workers dependent on the sector.

Traders said the Prime Minister’s remarks had triggered anxiety among jewellers, artisans and small business owners already facing market fluctuations and rising economic uncertainty.

Demonstrators gathered in parts of Lucknow, raising slogans and urging the government to reconsider statements that could negatively impact consumer sentiment in the bullion market.

Jewellers argued that the gold trade supports a vast network of craftsmen, retailers, transporters and laborers across the country and warned that reduced consumer demand could lead to financial distress within the sector.

Several traders also expressed concern over falling customer footfall and uncertainty in the market following the appeal.

The protest comes amid growing concerns over the economic fallout of escalating tensions in West Asia and fears of disruption in global energy supplies, which have prompted repeated government appeals for economic prudence and responsible consumption.

While protests were reported in Lucknow, jewellers’ associations in other cities, including Noida, also voiced concern over the possible impact on business and employment in the bullion sector.

Political reactions to the Prime Minister’s remarks also emerged from opposition leaders, with some accusing the Centre of attempting to shift the burden of economic uncertainty onto ordinary citizens and traders.