Peter Spina: Modi urges Indians to halt gold purchases to protect reserves

Traders Union
All News
Market Voices
Modi asks Indians to pause gold buying

Top Stories

Editors' Picks

Stocks

Crypto

Financial News

Currencies

Commodities

Companies

Central Banks

Olga Shendetskaya

11.05.2026

Peter Spina: Modi urges Indians to halt gold purchases to protect reserves — Modi asks Indians to pause gold buying

Peter Spina, CEO at GoldSeek.com, reports that Prime Minister Narendra Modi has asked Indians to refrain from buying gold for at least a year to help preserve foreign-exchange reserves.

This unusual request highlights mounting pressure on India's trade balance as the ongoing war in the Middle East and energy shortages drive up costs, weakening the rupee. Gold remains a significant factor in India's trade deficit.

Loading...

The tweet was deleted by the author.

But we saved everything 🙂.

Indian banks recently faced a five-week halt on gold and silver imports, which led to higher domestic prices and supply risks, according to Spina's earlier reporting. He has also noted that nearly 200 tonnes of gold remain held in vaults with the Bank of England and BIS, reflecting significant existing reserves outside the country (read more). These developments add context to Modi’s appeal regarding gold purchases.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

Did you like the article?

Editor's Picks for You

Bitcoin price prediction and Bollinger Bands: Can BTC recover after falling to $63,000?

By Mikhail Vnuchkov
22 hours ago

Bitcoin price prediction and Bollinger Bands: Can BTC recover after falling to $63,000?

Editors' Picks

FIFA World Cup on blockchain: Where football meets crypto

By Oleg Tkachenko
Yesterday

FIFA World Cup on blockchain: Where football meets crypto

Editors' Picks

Aliens, Satoshi, and Bitcoin: How the extraterrestrial theory emerged

By Pavlo Kot
21.06.2026

Aliens, Satoshi, and Bitcoin: How the extraterrestrial theory emerged

Editors' Picks

All Editors' Top Picks

Latest Peter Spina News

Deutsche Bank reduces gold price forecasts by up to 22 percent, Peter Spina notes

By Igor Krasulya
22 hours ago

Deutsche Bank reduces gold price forecasts by up to 22 percent, Peter Spina notes

Market Voices

Peter Spina: Hong Kong brings in large gold bars for new clearing system

By Elena Nikulina
Yesterday

Peter Spina: Hong Kong brings in large gold bars for new clearing system

Market Voices

Yen nears 40-year low as it weakens past 161, Peter Spina notes

By Ashutosh Sureka
19.06.2026

Yen nears 40-year low as it weakens past 161, Peter Spina notes

Market Voices

All Peter Spina News

Mikhail Vnuchkov
22 hours ago

Bitcoin price prediction and Bollinger Bands: Can BTC recover after falling to $63,000?

Oleg Tkachenko
Yesterday

FIFA World Cup on blockchain: Where football meets crypto

Pavlo Kot
21.06.2026

Aliens, Satoshi, and Bitcoin: How the extraterrestrial theory emerged

Pavlo Kot
20.06.2026

Blockchain nation in crisis: How a power struggle split Liberland

Eugene Komchuk
19.06.2026

Shifting priorities: Governments back mining as businesses turn to AI

Anastasiia Chabaniuk
4 min ago

Earnings expected to peak in 2027 and then decline, Puru Saxena predicts

Oleg Tkachenko
4 min ago

Michael van de Poppe: Mastering 2008 market timing outweighed future investment errors

Daria Chernytska
4 min ago

Henri Arslanian: Insights on North Korean hackers from HypernativeLabs CEO

Mikhail Vnuchkov
9 min ago

Consumer staples exits multi-year accumulation range, David Bird indicates

Ashutosh Sureka
50 min ago

Christophe Barraud: China fund managers focus on leading AI firms amid narrowing rally

Weekly Top Bonuses

Capitalcore

up to $2,500
deposit bonus for all clients

Your capital is at risk.

Top News

Ashutosh Sureka
8 hours ago

Senate Democrats seek hearings on Trump family crypto ties and Abu Dhabi investment

Senate Democrats seek hearings on Trump family crypto ties and Abu Dhabi investment

Olga Shendetskaya
17 hours ago

Digital euro gains momentum as Europe seeks payment independence

Digital euro gains momentum as Europe seeks payment independence

Hanna Syniavska
19 hours ago

Oracle workforce shrinks 13% over past year as AI push accelerates

Oracle workforce shrinks 13% over past year as AI push accelerates

Andrey Mastykin
21 hours ago

U.S. stock futures fall as investors pull back from tech shares

U.S. stock futures fall as investors pull back from tech shares

Igor Krasulya
22 hours ago

Meta takes minority stake in Indian fintech Cred

Meta takes minority stake in Indian fintech Cred

Top 5 companies for you

United States

Live News

Anton Kharitonov
Now

Goog;e pulls back as AI talent concerns pressure sentiment

Anton Kharitonov
Now

Apple pulls back below $300 as AI doubts offset strong fundamentals

Mykhailo Ihnatenko
Now

Tesla struggles below key resistance amid market uncertainty

Mykhailo Ihnatenko
Now

AMD faces rising correction risks despite AI sector optimism

Anton Kharitonov
Now

Bitcoin holds near $62,000 as weak risk appetite weighs

© IAFT Ltd., 2010-2026 All rights to the website are owned by IAFT Ltd.,
Registration number - HE 336186

Risk disclosure:

Information on the TradersUnion.com website is for informational purposes only and does not constitute any motive or suggestion to visitors to invest money. Moreover, we hereby warn you that trading on the Forex and CFD markets is always a high risk. According to the statistics, 75-89% of customers lose the funds invested and only 11-25% of traders earn a profit. Trading in futures and options carries substantial risk of loss and is not suitable for every investor.

That is why you should only invest money that you are prepared — or can afford — to lose at such high risks. Tradersunion.com does not provide any financial services, including investment or financial advisory services. Also, the Traders Union is not a broker and does not get money for trading in the Forex or CFD markets. Our website only provides information on brokers and the markets and helps its users to select the best brokerage company based on detailed information and objective analysis of brokers.
Disclaimer:

Traders Union (TradersUnion.com) shall not be liable for the consequences of trading decisions made by the Client and for the possible loss of his capital resulting from the use of this website and information published on it.

Forex market, CFD and cryptocurrency trading involves high risks and is not suitable for everyone. Before investing money, you need to adequately assess the level of your expertise and be aware of the risks, particularly in the context of trading with leverage. The information on this website is not intended for distribution or use by any person in any country or jurisdiction, where such distribution or use would be in violation of the local law or regulation. Any payments by Traders Union (TradersUnion.com) to the users of our website shall be legally interpreted solely as an incentive on our part for the activity on the website in the form of a deduction of a part of the advertising income; they shall not be a subject of any claims of our users or our obligations, a subject of disputes, as well as cannot be considered in relation to the services provided to users by brokers, both in fact and in their completeness and volume. The administration of the website shall not be liable for the content of user comments and reviews about the companies and shall not verify whether the authors of the reviews are indeed real clients of a specific company. All reviews, both negative and positive are published on the website without verification of their reliability; only offensive reviews that call for violence or any kind of discrimination and also reviews published from one group of IP addresses are moderated and removed. The authors of the materials shall be fully liable for the accuracy, completeness and impartiality of any information in the articles and reviews, including in the context of their use or mention of any brand names or trademarks. All mentions of the names of companies and their brands in any materials on the website shall be made in the context of communication of socially important information to the people about their activities by independent journalists, who are the authors. All evaluations and indicators on the website express the subjective opinion of the authors of the reviews (articles) and shall not be viewed as accurate statements and be a subject of disputes and claims against Traders Union.
Disclosure of advertisers and revenues:

All the services on the Tradersunion.com website are free for you to use. Our team spends thousands of hours per annum researching brokers and gathering information about them to help investors all over the world to choose reliable companies and to avoid fraudsters.

Indeed, the curating, sourcing, and organization of this process requires substantial financial investment by Tradersunion.com, which the website earns in the form of advertising payments. There are two types of advertising services on the website — direct advertising or partner (broker) participation programs. However, no services purchased by our partners shall affect the recommendations on our website, or our opinions, or ratings. Our ratings are based on our objective rating criteria and methodology; and the results are always equally and fairly applied to each broker. The work of our content authors and research groups does not involve any interaction with our advertisers and they do not have access to data concerning the amount of advertising purchased. For over 10 years we consider our independence, absolute openness, and objectivity as our main priority. Please follow the links to each of our affiliated broker’s websites. This will help Tradersunion.com to continue to provide our services to you for free.