Limiting purchases of bullion is seen as a key step to shoring up the economy during the Middle East crisis Indian Prime Minister Narendra Modi has urged his countrymen to adopt austerity measures in the wake of the Middle East conflict. Apart from utilizing public transport, work-from-home, and carpooling in an apparent bid to save fuel, he has suggested that Indians put one of their most treasured fascinations on hold: their overwhelming fixation on gold. Not buying the precious metal, he hinted, could cut India’s dollar outflows substantially. Curbing gold purchases is seen as one of the key steps that would invariably have an impact on the economy of the nation of 1.4 billion people. The bet on slashing gold purchases has a sounder rationale than other steps outlined by Indian prime minister, as it is seen as a step that individuals can control directly. The economics India’s foreign exchange reserves as of May 1, 2026, totaled $690.7 billion, according to data released by the Reserve Bank of India.…