Gold rate: As gold prices in India soared past the Rs 1 lakh mark per 10 grams in the retail market, Kotak Mahindra Bank founder and director, Uday Kotak, hailed Indian housewives citing their age-old investment wisdom.
In a post on X (formerly Twitter), Kotak referred to them as “the smartest fund managers in the world,” lauding their long-standing practice of investing in gold as a store of value.
“The performance of gold over time highlights that the Indian housewife is the smartest fund manager in the world,” Kotak wrote.
He further added in a tongue-in-cheek remark, “Governments, central banks, economists, who support pump priming, high deficit funding, may need to take a leaf from India, a net importer of store of value forever!”
Kotak’s statement comes at a time when gold prices are reaching record highs amid global economic uncertainty. On Tuesday, gold June futures on the Multi Commodity Exchange (MCX) hit a new all-time high of Rs 99,178 per 10 grams, up by nearly Rs 1,900 from the previous session. In the physical market, gold was trading at Rs 97,200 per 10 grams before GST. With the 3 per cent Goods and Services Tax added, retail prices breached the Rs 1 lakh threshold.
Silver also saw upward movement, with May futures opening at Rs 95,562 per kilogram, up 0.33 per cent. Meanwhile, the US Dollar Index weakened to a three-year low of 98.12, adding to gold’s appeal as a safe-haven asset.
The surge in precious metals is largely attributed to increasing geopolitical tensions, including the ongoing US-China trade dispute, and growing investor anxiety over interest rate policy disagreements between the US President and the Federal Reserve.
Gold has experienced a 30 per cent increase since January 1, 2025, and 14.5 per cent growth since April 8, according to Avinash Gupta, vice-chairman, All India Gem & Jewellery Domestic Council.
In international markets, gold futures achieved a new record high of $3,504.12 per ounce before settling at $ 3,490.72 per ounce, representing an increase of $65.42 or 1.91 per cent.
“Gold prices crossed USD 3,500 per ounce levels in the international markets for the first time and also crossed 97,000 levels in the domestic markets amid uncertainty in the global financial markets and escalating US-China trade war continue to support prices of precious metals,” Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd, said.