Gold's Unprecedented Surge in India

As gold prices in India soared past the Rs 1 lakh mark per 10 grams in the retail market, Uday Kotak, founder and director of Kotak Mahindra Bank, took to X (formerly Twitter) to praise Indian housewives for their investment wisdom. Calling them "the smartest fund managers in the world," Kotak highlighted their long-standing practice of investing in gold as a store of value.

Global Economic Uncertainty Fuels Gold's Appeal

The 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, with retail prices breaching the Rs 1 lakh threshold after GST. Silver also saw an upward movement, reflecting the growing investor anxiety over geopolitical tensions and policy disagreements.

International Markets React

In international markets, gold futures achieved a new record high, underscoring gold's status as a safe-haven asset. Experts attribute the surge to escalating US-China trade tensions and uncertainties in the global financial markets.