Modi calls for "not buying gold for a year" to ease pressure on the rupee, Indian jewelry stocks plummet in response.

According to the Wise Finance and Economics APP, driven by the Iran war, international oil prices continue to rise, and India, the world's third-largest oil importer, is facing severe external balance of payments pressure. To alleviate the risks of the depreciation of the Indian Rupee and loss of foreign exchange reserves, Indian Prime Minister Narendra Modi publicly urged people to avoid buying gold in the next year and to cooperate with a series of measures such as saving fuel, increasing home office work, and restricting travel. This statement immediately sparked concerns in the market about a possible increase in the import tax on gold, causing a collective plunge in the stock prices of Indian jewelers on Monday.