New Delhi, May 12 -- Prime Minister Narendra Modi on Monday urged citizens to boycott gold purchases for the next one year, saying the country should focus on reducing non-essential imports, strengthening the economy and conserving forex reserves. The statement has shifted attention towards other investment options that can potentially act as hedges during periods of inflation, market volatility and economic uncertainty.

The PM's call assumes significance, especially as gold has traditionally been viewed as a safe-haven asset in India, often witnessing higher demand during uncertain economic conditions and geopolitical tensions. Apart from that, gold is also a preferred savings and investment option for many Indian households. Here are s...