With volatility set to continue, Vembu’s stance underscores a growing belief: when trust in paper weakens, gold becomes more than a commodity—it becomes conviction.
With volatility set to continue, Vembu’s stance underscores a growing belief: when trust in paper weakens, gold becomes more than a commodity—it becomes conviction.As gold prices blazed past ₹1 lakh in retail markets, sparking headlines and investor frenzy, Zoho founder Sridhar Vembu weighed in with a full-throated endorsement of India’s age-old faith in the yellow metal and a pointed critique of modern financial systems.
Reacting to Uday Kotak’s viral comment calling the Indian housewife “the smartest fund manager in the world,” Vembu said, “I agree wholeheartedly with Uday Kotak-ji. Indians' love of gold and a corresponding distrust of paper assets is the foundation of our long term stability and civilizational continuity.”
He didn’t stop there. In a post laced with irony, Vembu added: “Money is too important to be left to central banks and governments and PhD economists and their fancy theories (or software engineers for that matter and I am looking at you Bitcoin).”
Calling gold “real money,” he concluded: “The poorest Indian knows this and that knowledge is power. As global economic conditions get worse, India's stability will come from gold.”
His remarks came as gold June futures on the MCX hit an all-time high of ₹99,178 per 10 grams, up nearly ₹1,900 from the previous close. In physical markets, gold was trading at ₹97,200 per 10 grams on Monday (excluding GST), pushing retail prices past ₹1 lakh per 10 grams after adding the 3% GST.
Silver too surged, with May futures rising to ₹95,562/kg in early trade. Both metals saw gains amid high global volatility, driven by a weakened US dollar index, persistent US-China trade tensions, and investor preference for safe-haven assets.
Experts believe the uncertainty in the global financial markets and escalating US-China trade war will continue to support prices of precious metals. They expect gold to remain volatile but strong, with support at ₹96,100 and resistance around ₹98,400 on the MCX.
Retail gold prices across major Indian cities:
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