Reflection time: What's this gold rush telling us?

The dramatic run-up in its price this year reflects a spike in global uncertainty as well as its hold on the human psyche. Gold could well outlast rivals of any extraction or conception

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Indians have long been known for a fascination with gold that often seems obsessive.

This year, however, gold fever has been a global affair. We have seen a gold rush across the world, with individuals, investment funds, businesses and central banks making a beeline for the yellow metal. Gold prices have risen more than 30% so far this year, which suggests its annual price increase might eventually exceed what we saw during the pandemic or the West’s 2007-09 recession, according to Dow Jones Market Data. Futures for the precious metal have not surged so much in a year since 1979, when an energy crisis fuelled an inflationary shock that brought the world economy to its knees.