Gold, housing plays take a hit as Modi's austerity pitch rattles consumer-facing stocks
- Posted on May 12, 2026
- By Business News Today
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- 1 min read
Gold, housing plays take a hit as Modi's austerity pitch rattles consumer-facing stocks
Jewellery and real estate stocks experienced a sharp decline after Prime Minister Modi urged financial restraint, advising citizens to postpone gold purchases and reduce discretionary travel. The comments, aimed at curbing fuel consumption amid geopolitical uncertainty and high energy costs, triggered an immediate market reaction in sectors tied to household spending.
