Uday Kotak crowns Indian housewives as 'smartest fund managers’ as gold tops the Rs 1 lakh mark

Gold futures on the MCX hit Rs 98,910 per 10 grams, marking a fresh all-time high.

As gold prices surged to record highs of Rs 1,00,00 per 10 grams, veteran banker Uday Kotak praised Indian housewives for their long-standing faith in the precious metal, calling them “the smartest fund managers in the world.”

On the social media platform X, formerly known as Twitter, Uday Kotak wrote, “The performance of gold over time highlights that the Indian housewife is the smartest fund manager in the world.”

He contrasted the indigenous approach with the global one by adding, “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!”

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 the 99.9 percent purity metal is once again in the golden light, Uday Kotak reaffirmed its longstanding strength. These remarks come as the bullion metal rates surged Rs 1,650 in the nation's capital, over global volatility caused due to de-dollarisation, tariffs, market volatility etc.

Gold prices surged to new record highs globally, as investor demand for the safe-haven asset rose amid fresh concerns over political tensions in the United States. The rise followed U.S. President Donald Trump's criticism of Federal Reserve Chair Jerome Powell, which weakened market sentiment and pushed investors towards bullion.

Gold prices have been inching closer to the psychological mark of Rs 1 lakh per 10 grams as the bullion rates surged on weak dollar and uncertainties over US-China trade war driving demand.

On the multi commodity exchange or MCX, gold futures hit Rs 98,910 per 10 grams, marking a fresh all-time high for the June 5, 2025 expiry date.

Spot gold jumped 1.7 percent to $3,482.26 an ounce after hitting an all-time high of $3,494.66 earlier in the session. U.S. gold futures also gained, rising 2 percent to $3,492.60 an ounce.

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