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Indian Prime Minister Modi on Tuesday once again urged citizens to avoid non-essential gold purchases, causing Indian jewelry stocks to fall and spot gold to drop over 1% within the day.
Indian Prime Minister Modi on Tuesday posted on Instagram, reiterating his call for citizens to "not even buy gold if not necessary" to reduce gold consumption and promote domestic products, in response to India's record gold import bill. This is his second such appeal this year. Following the news, India's jewelry sector immediately declined, with Titan Company falling 1.12% and Kalyan Jewellers dropping 4.50%. Meanwhile, spot gold fell over 1.00% on the day, currently trading at $4404.47 per ounce.
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