Indian PM Urges Citizens to Stop Buying Gold, Jeweler Stocks Plummet

Odaily Planet Daily News Indian Prime Minister Narendra Modi has called on citizens to refrain from buying gold for at least one year to protect foreign exchange reserves. In India, gold plays a vital role in savings, weddings, and religious festivals, making this appeal quite surprising.

Modi stated on Sunday: "For one year, regardless of the occasion, we should not buy gold jewelry." He also urged people to reduce fuel consumption and unnecessary overseas travel, noting that India spends huge sums annually on gold imports and that citizens should avoid purchasing non-essential items.

It remains unclear to what extent the Indian public will heed Modi's call, but shares of local jewelry manufacturers generally fell on Monday. Titan Co., India's largest jewelry maker, dropped as much as 6.6%, while Senco Gold and Kalyan Jewellers India saw their shares decline by 10.8% and 9.5%, respectively. (Jinshi)