As gold prices surged past ₹1 lakh per 10 grams, India’s relationship with the precious metal has taken centre stage in public discourse. The surge in gold prices has sparked investor enthusiasm and media attention, with prominent voices endorsing the value of gold. Among them is Zoho’s founder, Sridhar Vembu, who voiced his full support for the Indian tradition of investing in gold, emphasising the long-term stability it brings in a volatile global financial environment.
Sridhar Vembu supports for investing in gold
Reacting to Uday Kotak’s viral statement, where he referred to the Indian housewife as “the smartest fund manager in the world” for her preference for gold over other financial assets, Vembu echoed the sentiment. In a post on social media, he stated, “I agree wholeheartedly with Uday Kotak-ji. Indians' love of gold and a corresponding distrust of paper assets is the foundation of our long-term stability and civilisational continuity.” Vembu’s statement reflects his deep belief in the intrinsic value of gold.
In a more pointed remark, Vembu expressed his scepticism of modern financial systems, saying, “Money is too important to be left to central banks and governments and PhD economists and their fancy theories (or software engineers for that matter and I am looking at you Bitcoin).” According to Vembu, gold is “real money,” a perspective shared across the Indian population, particularly among the poorest who have trusted the yellow metal as a secure store of value.
Gold’s unwavering appeal amid global uncertainty
As global tensions rise, gold has remained a reliable asset for investors seeking stability. On the Multi Commodity Exchange (MCX), gold futures reached a historic high of ₹99,178 per 10 grams, reflecting a surge of nearly ₹1,900 from the previous close. In physical markets, prices have also crossed the ₹1 lakh mark, after factoring in the Goods and Services Tax (GST). Silver prices have followed a similar upward trajectory, with May futures trading at ₹95,562 per kilogram.
The volatility in global financial markets, especially with ongoing trade tensions between the US and China, has pushed many investors toward safe-haven assets like gold and silver. This trend is expected to continue as global economic uncertainties show no signs of abating.
A divisive debate on Gold's role in India’s economy
The debate on gold's role in India’s economy has extended to social media, with varying opinions on whether the rising prices are a cause for concern. Some critics argue that prominent figures like Vembu and Kotak may unintentionally be encouraging homemakers to purchase gold at high prices. In response, Vembu clarified that his interest in gold dates back to when prices were far lower. He highlighted that the present surge in gold’s value reflects a growing distrust in global monetary systems, particularly central banks and government policies.
On the other hand, some social media users pointed out India’s long-standing relationship with gold. India has accumulated vast reserves of gold, with states holding more than many countries combined. This accumulation has been driven by centuries of cultural and economic practice, long before modern financial theories and systems took hold.
However, the rising cost of gold has led to concerns about its accessibility. As prices approach ₹1 lakh per 10 grams, gold has become increasingly unattainable for many ordinary citizens. In a country where millions struggle to earn even ₹500 a day, the rising cost of gold is beginning to mirror the unattainability of other forms of wealth, like homeownership.
Gold, once seen as a tangible means of securing wealth for families, is slipping out of reach for the average Indian. This shift highlights the economic divide within the country, as the yellow metal, once considered a stable and accessible store of value, now becomes a luxury item for those at the top of the economic ladder.
A global surge in gold prices
The global rise in gold prices has been driven by a weakening US dollar and investor fears sparked by political instability in the US. The rally was further fuelled by US President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell, which intensified market volatility. As a result, investors flocked to gold, boosting its value in international markets.
India's reliance on gold as a financial safeguard continues to be a defining feature of its economic culture, with Sridhar Vembu’s remarks offering a sharp critique of global financial systems and a reaffirmation of the value that many Indians place on gold.
Sridhar Vembu supports for investing in gold
Reacting to Uday Kotak’s viral statement, where he referred to the Indian housewife as “the smartest fund manager in the world” for her preference for gold over other financial assets, Vembu echoed the sentiment. In a post on social media, he stated, “I agree wholeheartedly with Uday Kotak-ji. Indians' love of gold and a corresponding distrust of paper assets is the foundation of our long-term stability and civilisational continuity.” Vembu’s statement reflects his deep belief in the intrinsic value of gold.
"Uday Kotak hails Indian housewife as the smartest fund manager as gold hits ₹1 lakh"
— Sridhar Vembu (@svembu) April 22, 2025
I agree wholeheartedly with Uday Kotak-ji. Indians' love of gold and a corresponding distrust of paper assets is the foundation of our long term stability and civilizational continuity.…
In a more pointed remark, Vembu expressed his scepticism of modern financial systems, saying, “Money is too important to be left to central banks and governments and PhD economists and their fancy theories (or software engineers for that matter and I am looking at you Bitcoin).” According to Vembu, gold is “real money,” a perspective shared across the Indian population, particularly among the poorest who have trusted the yellow metal as a secure store of value.
Gold’s unwavering appeal amid global uncertainty
As global tensions rise, gold has remained a reliable asset for investors seeking stability. On the Multi Commodity Exchange (MCX), gold futures reached a historic high of ₹99,178 per 10 grams, reflecting a surge of nearly ₹1,900 from the previous close. In physical markets, prices have also crossed the ₹1 lakh mark, after factoring in the Goods and Services Tax (GST). Silver prices have followed a similar upward trajectory, with May futures trading at ₹95,562 per kilogram.
The volatility in global financial markets, especially with ongoing trade tensions between the US and China, has pushed many investors toward safe-haven assets like gold and silver. This trend is expected to continue as global economic uncertainties show no signs of abating.
A divisive debate on Gold's role in India’s economy
The debate on gold's role in India’s economy has extended to social media, with varying opinions on whether the rising prices are a cause for concern. Some critics argue that prominent figures like Vembu and Kotak may unintentionally be encouraging homemakers to purchase gold at high prices. In response, Vembu clarified that his interest in gold dates back to when prices were far lower. He highlighted that the present surge in gold’s value reflects a growing distrust in global monetary systems, particularly central banks and government policies.
On the other hand, some social media users pointed out India’s long-standing relationship with gold. India has accumulated vast reserves of gold, with states holding more than many countries combined. This accumulation has been driven by centuries of cultural and economic practice, long before modern financial theories and systems took hold.
However, the rising cost of gold has led to concerns about its accessibility. As prices approach ₹1 lakh per 10 grams, gold has become increasingly unattainable for many ordinary citizens. In a country where millions struggle to earn even ₹500 a day, the rising cost of gold is beginning to mirror the unattainability of other forms of wealth, like homeownership.
Gold, once seen as a tangible means of securing wealth for families, is slipping out of reach for the average Indian. This shift highlights the economic divide within the country, as the yellow metal, once considered a stable and accessible store of value, now becomes a luxury item for those at the top of the economic ladder.
A global surge in gold prices
The global rise in gold prices has been driven by a weakening US dollar and investor fears sparked by political instability in the US. The rally was further fuelled by US President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell, which intensified market volatility. As a result, investors flocked to gold, boosting its value in international markets.
India's reliance on gold as a financial safeguard continues to be a defining feature of its economic culture, with Sridhar Vembu’s remarks offering a sharp critique of global financial systems and a reaffirmation of the value that many Indians place on gold.
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