Modi asks Indians to stop buying gold, hitting jewellery stocks
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Prime Minister Narendra Modi has urged Indians to refrain from buying gold for a year to help preserve foreign-exchange reserves, highlighting the impact of the Middle East conflict on India's trade deficit and rupee value. This unusual request affects cultural practices surrounding gold purchases, particularly during weddings and festivals. Following the announcement, local jewellery stocks fell significantly, with Titan down 6.6%, Senco Gold down 10.8%, and Kalyan Jewellers down 9.5%. Modi's appeal reflects concerns over India's high gold import costs, which are second only to oil.
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