Shares of gold jewellers such as Titan, Senco Gold and Kalyan Jewellers extended losses for a second straight session after Prime Minister Narendra Modi urged citizens to reduce gold purchases over the next year amid the ongoing Iran-US conflict, raising concerns over pressure on foreign exchange reserves. Brokerages said the remarks could signal a potential policy shift ahead.
Speaking in Secunderabad, Hyderabad, PM Modi said lower gold consumption could help ease pressure on foreign exchange reserves and imports. The comments come as the Iran-US conflict keeps oil prices above $100 per barrel, with no near-term resolution in sight.
