Modi austerity call spooks gold and housing stocks as consumers are told to pause spending

Gold shoppers and home buyers got the message first

Jewellery and real estate stocks plunged after Prime Minister Narendra Modi urged Indians to practice financial restraint. He advised postponing gold purchases and cutting back on discretionary travel, linking the push to fuel conservation amid geopolitical uncertainty and high energy costs. Investors quickly repriced companies exposed to household spending, driving a sharp sector-wide reaction.