Comments made by Prime Minister Narendra Modi created a major impact on the bullion market and jewellery sector on Monday. Soon after the stock market opened, jewellery company shares saw heavy selling pressure and gold prices also slipped sharply.

Leading jewellery stocks, including Titan Company, Kalyan Jewellers, Senco Gold and Goldiam International, recorded noticeable losses during early trading. Investors reacted strongly after reports emerged about Modi advising people to avoid buying gold for the next year.

The statement quickly affected market sentiment. Traders believe uncertainty among buyers and investors pushed gold prices lower across domestic markets. At the same time, international developments also added pressure on bullion prices. Reports that former US President Donald Trump rejected a peace proposal from Iran over the Middle East conflict increased global market tension and contributed to volatility in precious metals.

On the Multi-Commodity Exchange, gold prices declined during opening trade. Ten grams of gold traded at Rs 1,51,989, which was around 0.35 per cent lower compared to the previous closing session. Silver prices, however, moved upward and gained nearly 0.36 per cent to reach Rs 2,62,866.

In Mumbai, the spot price of 24-carat gold stood at Rs 1,52,130 per 10 grams while 22-carat gold was priced at Rs 1,39,450. Similar prices were recorded in Hyderabad, Chennai, Bengaluru and Kolkata.

In Delhi and Jaipur, 22-carat gold traded at Rs 1,39,600 while 24-carat gold touched Rs 1,52,280. Ahmedabad and Pune also saw slight variations with 22-carat gold at Rs 1,39,500 and 24-carat gold at Rs 1,52,180.

Gold prices in India usually depend on several factors including international market trends, import duties, currency exchange rates and global political developments. Analysts say statements from influential leaders can sometimes create immediate reactions in financial markets, especially in sectors like gold and jewellery, where investor sentiment plays a major role.