India, May 11 -- The gold rate fell on Monday after Prime Minister Narendra Modi appealed to Indians not to buy the precious metal amid the US-Iran war in West Asia and the global economic uncertainty it has caused.

Addressing a BJP rally in Hyderabad, PM Modi said India must conserve foreign exchange reserves and reduce fuel consumption as global supply chains remain under pressure due to the prolonged conflict in West Asia.

"Gold purchases are another area where foreign exchange is used extensively. In the national interest, we must resolve not to purchase gold for a year," he said.

India is one of the world's largest importers of gold, and purchases rise significantly during weddings and festive seasons. Since gold is largely import...