India's Prime Minister Urges Citizens to Avoid Gold Purchases for One Year

India's prime minister has urged people not to buy gold for a year, reduce fuel consumption and conserve foreign exchange as the war between the United States, Israel and Iran continues. The request was made public on Tuesday as the conflict entered its 73rd day.

Diplomatic efforts to reach a peace agreement have stalled, with each side accusing the other of making unreasonable demands. Iran had responded to a U.S. offer through Pakistani mediators, calling for an end to the war on all fronts including Lebanon, compensation for war damages and recognition of its sovereignty over the Strait of Hormuz.

Trump posted on social media that he had received the response and described it as totally unacceptable. When asked whether combat operations against Iran were over, he told U.S. media that Iran is defeated but that does not mean operations are finished.

Iran's president stated on X that the country would never bow down to the enemy and would defend its national interests with strength. An Iranian spokesperson described the country's proposal, which included ending the war and lifting the blockade, as generous and responsible while saying the U.S. continues to have unreasonable demands.

Gold prices declined as progress in peace negotiations faltered and oil prices rose. Spot gold fell 0.6 percent to $4,684.32 per ounce while U.S. gold futures for June delivery dropped 0.8 percent to $4,692.70. Japanese stocks retreated from a record high reached earlier in the session. The benchmark Nikkei 225 Index closed down 0.5 percent at 62,417.88 after earlier trading as high as 63,385.04.