Last year, Indians spent much less on gold jewellery, much more on gold investment products. Globally too, the demand is financial, but detached from traditional fundamentals. As hard as it is to explain the momentum, it’s difficult to see what might break this
After surging for years, the price of gold has entered the realm where storytelling drives its price. Breaking free of the fundamental forces that long explained its ups and downs, it is now rising on tales of global risk and uncertainty – which make this era feel to some observers like the gold rush of the 1970s.