<div id="readability-page-1"><div><div><p><u><em><strong>Who could have seen that coming?</strong></em></u></p><p>Following the <strong>collapse of India's currency</strong> over the last couple of weeks<em> (due in large part to theworld’s third-largest oil importer beinghit hard by the inflationary shock caused by energy disruptions in the Persian Gulf, driving sharp FX outflows, pushing the rupee down to a record low and prompting the Reserve Bank of India to step in and sell dollars),</em> PM Modi initially<strong>urged citizens to forgo gold purchases</strong> as well as unnecessary foreign travel in order to help hold up the currency.</p></div></div></div>

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<p>Goldman Sachs maintains its $5400 gold price target amid panic-buying of bridal jewelry in India, triggered by the recent currency collapse. The Indian rupee has fallen to a record low due to inflationary pressures from energy disruptions, prompting the Reserve Bank of India to intervene. PM Modi has urged citizens to limit gold purchases to stabilize the currency.</p>

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Goldman Reiterates $5400 Gold Target As India Curbs Trigger Bridal Jewelry Panic-Buying