Brief by Shorts91 Newsdesk / 06:02am on 11 May 2026,Monday International
Prime Minister Narendra Modi urged Indian families to avoid buying gold for weddings for one year as rising crude oil prices and heavy gold imports increase pressure on India’s foreign exchange reserves and weaken the rupee. India imports most of its oil and large quantities of gold using US dollars. With crude prices surging due to the West Asia conflict and tensions around the Strait of Hormuz, India’s import bill has risen sharply. The government fears that high gold demand during the crisis could further widen the current account deficit, fuel inflation, and put additional strain on the economy and rupee stability. (PC: India Today)
