Why Modi Wants Indians to Stop Buying Gold

India has more than doubled import tariffs on gold just days after Prime Minister Narendra Modi asked citizens to stop buying the metal for at least a year.

The move is aimed at shoring up foreign-exchange reserves as India’s external finances come under pressure from the war in the Middle East and resulting surge in energy prices. The country is among those most vulnerable to the disruption of oil and gas shipments through the Strait of Hormuz.