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Shares of Indian jewellery retailers plummeted after Prime Minister Narendra Modi called for a one-year halt on gold purchases to protect foreign exchange reserves, raising concerns over potential import tariff hikes amid pressures from soaring oil prices and a deteriorating balance of payments. #GoldMarket #IndiaEconomy #JewelleryIndustry #IN #IR

Shares of Indian jewellery retailers fell sharply after Prime Minister Narendra Modi advised citizens to avoid gold purchases for a year to help protect foreign exchange reserves, raising concerns over potential tariff increases on gold imports amidst rising oil prices and pressure on India's balance of payments. #GoldMarket #IndiaEconomy #JewelleryIndustry #IN #IR