Prime Minister Narendra Modi on May 10–11 urged Indians to avoid non-essential gold purchases for a year as part of a wider appeal to conserve foreign exchange amid rising global energy prices and Middle East tensions. Modi also asked citizens to cut fuel use, limit overseas travel and support domestic goods. The calls come as crude oil surged and the rupee weakened toward the mid-90s per dollar, putting pressure on India’s import bill and foreign-exchange reserves. RBI data show reserves around $690.7 billion with recent weekly declines led by falls in gold and foreign-currency assets. India imports roughly 700–800 tonnes of gold annually (domestic output is negligible), making bullion one of the country’s biggest import items after oil. World Gold Council data for Q1 2026 show total gold demand rose to 151 tonnes and, for the first time, investment demand (82 tonnes) exceeded jewellery demand (66 tonnes). Industry reports also cite falling monthly import volumes and operational factors — including customs GST questions — that have reduced shipments and given policymakers temporary relief.

India’s Commerce and Industry Minister Piyush Goyal is visiting Canada from May 25-27, 2026, heading a delegation of roughly 150 senior industry leaders to Ottawa and Toronto to accelerate negotiations on a Comprehensive Economic Partnership Agreement (CEPA) and to deepen trade and investment ties. The delegation will meet Canadian ministers, business groups, pension funds and CEOs to prioritise cooperation in energy, critical minerals, clean technology, food processing, textiles, leather and services. The visit follows a March reset in relations after diplomatic strains and builds on earlier rounds of CEPA talks; negotiators plan a third round in July in Ottawa as both sides aim to substantially raise bilateral trade and investment. Canada has nearly $100 billion invested in India and about 600 Canadian firms operate there; officials have cited post-visit targets for expanded commerce, with media reporting trade goals ranging from roughly $50 billion to $70 billion in coming years.

Singapore’s Ministry of Trade and Industry (MTI) on May 25 maintained its 2026 GDP growth forecast at 2–4% after the economy expanded 6.0% year-on-year in Q1, outperforming an earlier advance estimate of 4.6%. On a seasonally adjusted quarter-on-quarter basis GDP rose 1.0%. MTI said growth was driven by wholesale trade, manufacturing and finance and insurance, with robust AI-related demand lifting machinery, electronics and precision engineering segments. However, it warned that the Middle East conflict — including disruption to supplies through the Strait of Hormuz — has significantly increased downside risks, raising energy and input costs and weighing on fuels, chemicals and transport-related sectors. The ministry noted risks from a potential pullback in global AI capital spending and renewed tariff actions. Monetary Authority of Singapore tightened policy earlier this year and has raised inflation forecasts; MTI said it will continue to monitor developments and adjust the forecast if necessary. The government expects domestic offsets such as CDC vouchers and budget payments to cushion household spending.

Venture capital invested in Irish tech small and medium-sized enterprises fell 58% in Q1 2026 to €221.7 million, the Irish Venture Capital Association (IVCA) said on May 24. The decline follows an exceptionally strong Q1 2025 when Irish firms raised €532.8m. International investors provided 85% of capital this quarter. Life sciences dominated deals, accounting for 54% (€119.5m) of funding, followed by fintech (€28m) and software (€26.9m); AI was classified as just 2% of the total despite global AI-driven dealflow. Deal-size bands shrank across the board except for transactions under €1m; investment in the €3m–€5m band fell to €7.9m (down 77%) and €5m–€10m fell to €16.5m (down 62%). Top rounds included Neurent Medical (€62.5m), Aerska (€33m), Evervault (€21m), Circit (€20m) and XFuel (€18.5m). IVCA leaders noted Ireland’s exposure to overseas capital and warned that geopolitical headwinds, including the Iran war, could affect investor confidence, while government measures — such as a €250m Seed and Venture Capital Scheme and higher Enterprise Ireland direct investment limits — should begin to support early-stage funding.

Overseas travel spending by Indian residents under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS) dropped to $1.09 billion in March 2026, down from $1.3 billion in February and $1.65 billion in January. Total outward remittances under the LRS were $2.59 billion in March, with travel the largest component. ‘Other travel’ (holiday trips and international card settlements) accounted for $623.05 million (about 57% of travel outgo), education-related travel $450.16 million, and business/pilgrimage/medical travel $21.39 million. Remittances for maintenance of relatives rose to $389.78 million. Separate LRS flows for ‘studies abroad’ fell to $151.71 million in March. Investors also used the route for capital flows: equity and debt investments jumped to $440.22 million in March from $265.99 million in February, while purchases of overseas immovable property eased to $38.68 million. The move comes amid a weaker rupee and higher crude prices linked to the West Asia conflict, with policymakers and the prime minister urging restraint on non-essential foreign travel to help curb forex outflows.

Americans pushed ahead with holiday plans despite pump prices near multi-year highs, according to industry data and analysts. The national average for regular gasoline stood around $4.50–$4.55 per gallon ahead of Memorial Day (May 24), up more than $1.30 from a year earlier and peaking at $6.11 in California and $3.93 in Indiana. AAA forecast a record 45 million U.S. residents would travel at least 50 miles over the long weekend, including 39.1 million by car and about 3.66 million by air. Gulf Oil analyst Tom Kloza estimated U.S. drivers would spend roughly $7 billion on gasoline for the holiday — roughly $2 billion more than last year. Industry forecasters and GasBuddy warned that continued tensions from the U.S.-Israel conflict with Iran, and an effective closure of the Strait of Hormuz, have tightened global supply and kept markets sensitive; President Donald Trump said a deal to reopen the strait was “largely negotiated.” Analysts say demand remains resilient but could be curtailed if prices hit psychological thresholds such as $5 per gallon.