India’s festive-season gold sales seen falling 10%–12% after Modi urges restraint

India Bullion & Jewellers Association expects festive-season gold sales and imports to fall 10–12% as record local prices, higher import duties, and PM Modi's call for restraint curb volume demand. This implies softer physical offtake from one of the world's largest consumers even if rupee-value spending holds up via lighter jewelry and old-gold exchanges. Near-term focus shifts to whether reduced imports ease pressure on India's external balance.