On Thursday, the Indian government announced stricter regulations on gold imports, implementing a 100 kg cap on imports under the Advance Authorisation scheme, which allows jewellery exporters to import materials duty-free. This decision comes as Prime Minister Narendra Modi urged citizens to stop buying gold for a year, framing it as a national responsibility to mitigate foreign exchange outflows amidst rising oil prices due to ongoing crises in West Asia. Additionally, the government has doubled import tariffs on gold and silver to 15% to defend the Indian rupee. New monitoring measures include mandatory physical inspections of manufacturing facilities for new applicants and requirements for previous export completions before new authorisations can be issued. Reports indicate that gold discounts in India have surged to over $200 an ounce, reaching a record high, reflecting the increasing pressure on the market.