“Growth in gold imports, however, has decelerated substantially in May 2026 compared to the preceding month,” the RBI said in its bi-annual Financial Stability Report.
Gold imports stood at roughly USD 12 billion in May, marking the third consecutive month of decline, a graph presented by the central bank in the FSR showed.
Starting around May 10, with no certainty about an end to the West Asia crisis, which led to a steep increase in oil and commodity prices and put pressure on the rupee, with some fearing it would cross Rs 100 per dollar, Modi made multiple appeals to citizens to stop consuming gold.
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