India tries ‘unusual move’ to stop gold buying as Iran war bites forex

On May 11, 2026, Trump rejected Iran's response to a US plan as “unacceptable,” and oil prices jumped about 3%. The dollar edged up, Asian shares were mixed, and the Associated Press wrote that Asia braces for a second wave of energy shocks from the Iran war.

In India, the government tried an “unusual move” to stop gold buying as the Iran war bites forex, and it urged working from home and lower oil use. According to The National, the UK stands to lose 160,000 jobs from the Iran war, with Heathrow passenger numbers hit. The UK sanctioned an Iran-linked network, and the US issued an alert to banks on IRGC efforts to evade sanctions. El Mundo wrote that the fragile truce adds pressure on an economy that can take no more blows.