Gold & Travel Stocks Under Pressure After PM’s Forex Warning Amid Rising Fuel Concerns

Indian markets came under sharp pressure after the Prime Minister urged citizens to avoid non-essential gold purchases, limit overseas travel and prioritise domestic tourism to help reduce stress on India’s foreign exchange reserves amid rising global fuel prices. The comments triggered weakness across jewellery and travel-related stocks, with Titan Company, Kalyan Jewellers, PN Gadgil Jewellers and Sky Gold witnessing sharp declines. Travel-linked counters including EaseMyTrip and MakeMyTrip also slipped as investors assessed the impact of reduced foreign travel demand. Market experts warned that elevated fuel prices and pressure on the rupee could weigh heavily on the broader economy, drawing comparisons with behavioural shifts seen during the COVID era. However, analysts believe technology and digital businesses could benefit once again if work-from-home trends and virtual meetings make a comeback amid growing economic caution.