Pune Gold Market Update: Jewellers Say Wedding Season Demand Remains Strong Despite PM Modi Appeal

Pune, 11th May 2026: Prime Minister Narendra Modi’s recent appeal urging citizens not to purchase gold for a year, even during family functions and celebrations, has sparked discussions across the country’s jewellery market. However, jewellers in Pune say there has been no immediate impact on gold sales so far, with most traders currently adopting a “wait and watch” approach.

According to bullion traders in Pune, customer sentiment and buying patterns have largely remained unchanged despite the Prime Minister’s statement. The city’s jewellery market is currently witnessing the wedding season, during which demand for gold ornaments and investment purchases traditionally remains strong.

Jewellers said many customers are continuing with their pre-planned purchases, while some buyers are cautiously assessing the situation before making fresh decisions.

Traders noted that in Indian households, gold is not viewed merely as an investment instrument but is also deeply connected to tradition, financial security and social status. Gold continues to hold significant importance during weddings, religious ceremonies and family celebrations, making a complete halt in purchases unlikely.

At the same time, rising gold prices have already made customers more cautious about spending, market participants said.

Speaking about the current market situation, Pune-based jewellers said there is no panic or major decline in purchases at present, and regular transactions are continuing as usual.

“Customers are still buying jewellery and investment gold. The real impact of the Prime Minister’s appeal will become clear only after reviewing market trends over the next few weeks,” a bullion trader from Pune said.

Jewellers added that customer behaviour, fluctuations in gold prices and overall market transactions in the coming weeks will determine whether the appeal has any long-term effect on the bullion market.