Modi Asks Indians to Stop Buying Gold, Hitting Jewelry Stocks

Prime Minister Narendra Modi has called on Indians to avoid buying gold for at least a year to preserve foreign-exchange reserves, a surprising appeal in a country where the metal plays a vital role in savings, weddings and religious festivals.

“For a year, be it any function, we shouldn’t buy gold jewelry,” Modi said on Sunday, as he also asked citizens to cut fuel use and unnecessary overseas travel. India spends a lot on importing gold into the country, and people should refrain from non-essential purchases, he said.