Indian Prime Minister Narendra Modi is encouraging citizens to halt gold purchases for a year to protect the country's trade balance, which is strained by increased oil import costs due to the Iran war. This decision could significantly impact the gold industry.

Narendra #Modi's message to Indians is clear: stop buying gold jewellery for a year. With #India having to pay more to import #oil due to the #Iranwar, its prime minister hopes that holding off on buying the precious metal will protect the country's trade balance - a decision that could badly hit a nearly $100 billion industry.