Modi asks to stop gold purchases and shakes Indian stock market

TL;DR

Indian jewelry stocks plummeted on the Bombay Stock Exchange (BSE).
Prime Minister Narendra Modi urged the public to suspend gold purchases for one year.
The measure is intended to protect the country's foreign exchange reserves.
Major jewelry companies like Titan, Kalyan Jewellers, and Senco Gold saw significant stock declines.
The slump in the jewelry sector also affected the benchmark BSE Sensex index.
India is the world's second-largest consumer of gold, accounting for 22% of global jewelry demand.
Jewelry sector spending reached a record $11 billion in the first quarter of 2026.

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