India’s Modi Urges One-Year Pause on Gold Buying as Rupee and FX Pressures Mount

Indian Prime Minister Narendra Modi urged citizens to refrain from buying gold for at least one year. The appeal comes as a prolonged Middle East war intensifies energy-crisis concerns while a weaker rupee and pressure on foreign-exchange reserves grow at the same time. Rising gold demand can increase import burdens and add to foreign-currency outflows, linking household consumption choices to macroeconomic stability. Because India’s economy is sensitive to energy prices and exchange-rate moves, the request is being read as a message aimed at defending foreign reserves and managing external uncertainty. Source: mk.co.kr.