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Prime Minister Narendra Modi on Sunday thanked citizens of the country for responding positively to his earlier appeals made amid the ongoing crisis in West Asia, saying people have not just supported his requests but are actively acting on them.
Speaking to the nation during the 135th episode of his monthly radio programme 'Mann Ki Baat', PM Modi said, "In view of the prevalent war-like situation in West Asia, I had urged countrymen on a few points. I had asked people to avoid buying gold for some time, as far as possible. I am grateful to every citizen of the country; not only have they supported my appeal, they are also actively cooperating in every way." The Prime Minister's remarks follow a series of appeals he had made earlier this year as tensions in West Asia, in which he urged citizens to prioritise work from home, cut fuel consumption, avoid foreign travel for a year, adopt Swadeshi products, reduce cooking oil use, shift to natural farming and curb gold purchases. PM Modi said people have responded to these appeals in heartfelt and practical ways, sharing their experiences directly with him. "Many families have shared their experiences with me through messages. People have shared many experiences regarding carpooling as well. Those who used to travel in their own vehicles in the same direction every day have now started commuting together," he said. On the gold curbing appeal, the PM said many households have chosen to put off fresh purchases altogether, turning instead to reusing what they already own. "Numerous families have decided not to buy gold for weddings in their homes this time; if the need arises, they would recycle old gold to create new jewellery. Many people have even written on social media how they have postponed their foreign travel this time," he said. Market Analysts have suggested that gold prices are likely to remain under pressure over the next month amid global macroeconomic factors, while volatility is expected to persist as investors closely monitor the US Federal Reserve's policy trajectory, inflation trends, the US dollar and geopolitical developments. "Spot gold has managed to recover from its recent seven-month low after a sharp fall earlier this week, but the overall trend remains weak. Recent US inflation data largely matched expectations and provided some temporary support as US bond yields eased," Riteshkumar Sahu, Senior Manager-Commodities Research at Kotak Neo, told ANI on Friday. He further added that renewed strength in the US dollar, strong US jobs data and expectations that the Federal Reserve could still raise interest rates later this year continue to keep pressure on gold. (ANI)
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