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

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!”

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.