Modi urges pause on gold purchases in India to protect rupee

India’s prime minister urged consumers to avoid buying gold for a year to help preserve foreign exchange reserves, stoking worries about higher import tariffs on the metal. The warning pressured Indian jewellery retailers, which fell on concerns that policy-driven demand weakness and import restrictions could hit sales and margins.

Analysis

India’s prime minister urged consumers to avoid buying gold for a year to help preserve foreign exchange reserves, stoking worries about higher import tariffs on the metal. The warning pressured Indian jewellery retailers, which fell on concerns that policy-driven demand weakness and import restrictions could hit sales and margins.