Modi Urges Year-Long Gold Buying Pause, Risks Indian Demand

Commerzbank warns PM Modi's call for Indians to skip gold purchases for a year threatens jewellery demand and price support, amid Q1 volume down 20% despite record values. The week began with ING and Commerzbank citing China's PBoC 8-tonne April buy—its 18th consecutive month and largest since Dec 2024—as a structural floor from de-dollarization. China Q1 output fell 3.27% to 136.23 tonnes but investment demand surged 46.4% for total demand up 4.41% to 303.29 tonnes, reserves at 2,313.48 tonnes. India's bullion sector proposed monetizing 30,000 tonnes household gold to curb 24% import jump to $71.9 billion.