An important holiday season with strong demand for gold in India is approaching, and local asset management institutions are restricting new investment in gold products. India's local currency exchange rate has experienced a historic decline. The country is taking more measures to reduce public demand for precious metals, and the operations of asset management institutions are further cooperating with relevant policies. Most fund managers, including the leading institutions Bank of India Fund Management Company and ICICI Prudential Asset Management, announced through their respective announcements on Thursday evening that they will implement subscription restrictions on some gold ETFs and related products. The new regulations came into effect on Friday. The agency did not explain the specific reason for the restrictions, but people familiar with the matter said that the measures stemmed from discussions between several asset management companies and were aimed at temporarily restricting additional investment by gold funds. People familiar with the matter, who did not wish to be named, said that the industry wants to prevent an explosion in demand for gold on the eve of the holiday season; at the same time, policy makers are focusing on controlling gold imports. The Indian Mutual Funds Association and the Indian Securities and Exchange Commission, the market regulator, have yet to respond to email requests for comment.

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