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Prime Minister Narendra Modi had made 7 special appeals to the countrymen on May 10. One of the big appeals was that people should not buy gold for at least a year. After PM Modi’s appeal, there is an atmosphere of concern among gold traders but the prices of gold are sometimes increasing and then decreasing at their own pace. This increase or decrease is not so much that it has much impact. If we look at the price after 10 days, 10 grams of 24 carat gold has become costlier by Rs 4690.

The day Prime Minister Narendra Modi made this appeal i.e. on May 10, the price of 18 carat gold was Rs 11,426 per gram. Whereas 22 carat gold was being sold at Rs 13,965 per gram and 24 carat gold was being sold at Rs 15,235 per gram. Now till May 19, an increase in gold prices has been seen. On this day, the rate of 18 carat gold increased to Rs 11,778 per gram, while 22 carat gold reached Rs 14,395 per gram and 24 carat gold reached Rs 15,704 per gram.

Meaning, in just 10 days, 18 carat gold became expensive by Rs 352 per gram. At the same time, the price of 22 carat gold has increased by Rs 300, while 24 carat gold has also increased by around Rs 469.

How much did gold become expensive in 10 days?

18 carat gold price trend

22 carat gold price trend

24 karat gold price trend

The source of this data is GoodReturns.

Why did PM Modi make this appeal?

The main objective behind this appeal of Prime Minister Narendra Modi was to reduce the heavy burden on the country’s foreign exchange reserves. PM Modi had urged citizens to temporarily cut down on the purchase of gold. It is noteworthy that India imports more than 90 percent of its total gold requirement from abroad. About 700 to 800 tonnes of gold is imported into the country every year, which is becoming a huge financial burden on our foreign exchange reserves.