Indian PM Calls on Citizens to Stop Buying Gold, Jewellery Stocks Plunge

Odaily Planet Daily News: Indian Prime Minister Narendra Modi has called on the country's citizens to refrain from purchasing gold for at least one year to protect foreign exchange reserves. Given that gold plays a crucial role in savings, weddings, and religious festivals in India, this appeal is surprising.

Modi stated on Sunday: "For one year, no matter the occasion, we should not buy gold jewelry." He also urged the public to reduce fuel consumption and unnecessary overseas travel. He pointed out that India spends a huge amount annually on gold imports and that people should avoid buying non-essential items.

It remains unclear to what extent the Indian public will heed Modi's call. However, shares of local jewelry manufacturers generally fell on Monday. India's largest jeweler, Titan Co., saw its stock drop by as much as 6.6%, while shares of Senco Gold and Kalyan Jewellers India fell by 10.8% and 9.5%, respectively. (Jin Shi)