Indians should avoid buying gold unless necessary, Prime Minister Narendra Modi said, renewing an appeal to curb bullion demand as a widening trade deficit and weaker rupee strain the economy.
Modi's comments come amid local media reports that the government is considering cutting import duties on gold and silver after higher levies failed to curb inflows. It's his second such appeal this year, after he asked Indians in May to refrain from buying gold for at least a year to conserve foreign-exchange reserves.
