Modi Calls on Indians to Pause Gold Buying for One Year; Domestic Bullion Prices Slide

Prime Minister Narendra Modi on Tuesday urged Indians to refrain from nonessential gold purchases for the next year, saying the move would help safeguard the country's external balances. The remarks sparked an immediate selloff in local bullion markets. MCX gold retreated from the ₹1.54 lakh level to ₹1,53,200 per 10 grams, while MCX silver fell 1.53%, down ₹4,252 to ₹2,74,059 per kg. India is the world's second-largest gold consumer after China.