Is gold’s soaring appeal a rational hedge or a reflection of global anxiety?

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This story belongs to the issue:
May 2025
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This story belongs to the Fortune India Magazine May 2025 issue.

Is the bet on the yellow metal a hedge against chaos or a warning sign of the times to come?

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Is gold’s soaring appeal a rational hedge or a reflection of global anxiety?

GOLD IS ON a roll like Forrest Gump, running upwards for the last three years. Forrest Gump ran for three years, two months, and something. Where is this gold rally headed, and how long will it continue? No matter. Gold, that symbol of wealth and ancient hedge against uncertainty, is glittering brighter than ever. And as in 1986, the current gold rush is as much about psychology and fear as it is about economic fundamentals.