One day after vehemently denying speculation that India plans to raise duties on gold and silver imports following ​Prime Minister Narendra Modi's urging people to ​avoid buying ​gold for a year ‌due ⁠to the impact of the Iran war, India did in fact raise import tariffs on gold and silver in an attempt to defend its currency, a surprise move as the country races to limit the damage from the Middle East war and to shore up foreign-exchange reserves.