Menu

Post image 1
Post image 2
Post image 3
1 / 3
0

Modi Asks Indians to Stop Buying Gold, Hitting Jewelry Stocks

Bloomberg.com·Preeti Soni·22 days ago
#FItAMyem
Reading 0:00
15s threshold

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.

Read More