Overview

• Sridhar Vembu said gold is a safeguard rather than an investment and argued that it is flashing a warning about financial system stress.
• Vembu agreed with the IMF’s Gita Gopinath on record global exposure to U.S. equities, calling the market a clear bubble and cautioning that a crisis cannot be ruled out due to high leverage.
• Domestic prices in India have jumped about 63% year over year to roughly Rs 1,28,200 per 10 grams from around Rs 78,840 during Dhanteras 2024.
• Analysts attribute the rally to central‑bank accumulation and geopolitical uncertainty, with reserve diversification away from the U.S. dollar cited as a structural driver.
• Jewellers report resilient Dhanteras and Diwali buying focused on lightweight jewellery, coins, and bars, and brokerage Ventura Securities projects the price could reach Rs 1,50,000 per 10 grams in 2026 if current trends persist.