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India Doubles Gold Tariffs, Modi Urges Citizens to Halt Purchases

India has more than doubled import tariffs on gold and silver to protect the rupee and preserve foreign-exchange reserves amid Middle East tensions.

Prime Minister Narendra Modi called on citizens to cease gold purchases for at least one year, marking an unusual appeal in a nation where the precious metal holds deep cultural significance tied to savings, weddings and religious observances.

The tariff increase and purchasing moratorium reflect New Delhi's concern over currency stability as regional conflict disrupts energy markets. India relies heavily on imported oil, making it vulnerable to supply shocks and price volatility stemming from the Middle East crisis.

Modi also urged Indians to reduce fuel consumption and limit overseas travel. The measures underscore how geopolitical risks are forcing policy adjustments across India's economy.