Shares of gold jewellery companies, such as Kalyan Jewellers and Titan Company, have experienced significant declines following Prime Minister Narendra Modi's appeal to reduce gold purchases. Kalyan Jewellers' stock fell 4% to ₹369.3 on the National Stock Exchange (NSE), marking a total drop of over 13% in just two days. Titan Company also saw a decline of about 9% during the same period. The Prime Minister's remarks, made in Secunderabad, Hyderabad, were aimed at easing pressure on India's foreign exchange reserves amid the ongoing Iran-US conflict, which has kept oil prices above $100 per barrel. Analysts from Nomura suggest that Modi's comments could indicate a shift in fiscal policy as the government seeks to manage its finances amidst rising deficits. While the appeal is not mandatory, it signals a growing concern over the economic situation, particularly regarding gold imports, which are linked to India's trade deficit. Experts believe that while long-term demand for gold may not change significantly, discretionary purchases could slow down in the short term, impacting jewellery sales and related businesses.