Uday Kotak Calls Indian Housewives 'Smartest Fund Managers' As Gold Hits Rs 1 Lakh Mark

News18

22-04-2025

Last Updated:
With gold prices hitting Rs 1 lakh per 10 grams, Uday Kotak took to social media to commend the "smartest fund managers in the world."
Gold prices made history on Monday by soaring to an all-time high of ₹1 lakh per 10 grams. Amid the record-breaking surge, veteran banker Uday Kotak applauded Indian homemakers for their foresight and financial acumen, especially when it comes to investing in gold, a tradition that's long been a cornerstone of household wealth planning in the country.
Kotak took to social media to commend the 'smartest fund managers in the world." In an X post, he wrote, 'The performance of gold over time highlights that the Indian housewife is the smartest fund manager in the world."
He further added that governments and central banks could learn from India's net importer of store value. '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 added.
The performance of gold over time highlights that the Indian housewife is the smartest fund manager in the world. 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!— Uday Kotak (@udaykotak) April 22, 2025
As soon as the post was shared, several social media users flocked to the comment section to express their views. 'Gold may have outperformed, but let's not romanticise luck as strategy. The Indian housewife's instinct deserves respect—but so does financial literacy. We need to celebrate both tradition and informed choice," a user wrote.
'Savings in any form is good. And the Indian mothers are the first finance teacher of every child. Gold has been an integral part of savings of every middle class household," read another comment.
Speaking with ET, Avinash Gupta, vice chairman of the All India Gem & Jewellery Domestic Council, noted a rush to buy gold in Zaveri Bazaar, expecting further price increases.
Analysts attribute the rally to global macroeconomic uncertainties, including escalating tariff tensions and the US debt crisis. Strong buying by China, global central banks and institutional investors has also contributed to the bullish sentiment.
Jateen Trivedi, research analyst at LKP Securities, said, 'Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying." 'The rally is being supported by escalating tariff tensions, concerns over the US economic outlook, and the looming US debt crisis. Continued buying by China, global central banks, and institutional investors has added momentum to the bullish sentiment."
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