‘Gold is money': Zoho's Sridhar Vembu backs yellow metal as prices cross Rs 1 lakh
In a tone that was both ironic and firm, Vembu continued, '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).'He ended his post with a note: 'Gold IS money. The poorest Indian knows this and that knowledge is power. As global economic conditions get worse, India's stability will come from gold.'advertisementHis remarks come at a time when gold is shining brighter than ever. On Monday, gold June futures on the MCX hit a new high of Rs 99,178 per 10 grams, up nearly Rs 1,900 from the previous close. In the physical market, gold traded at Rs 97,200 per 10 grams (excluding GST), taking the final retail price past Rs 1 lakh after adding 3% GST.Silver, too, joined the rally, with May futures reaching Rs 95,562 per kg. Experts say global uncertainty, a weaker US dollar index, and rising US-China tensions are driving investors towards safe-haven assets like gold and silver.According to analysts, gold will likely stay volatile but firm, with a support level near Rs 96,100 and resistance around Rs 98,400 on the MCX.Must Watch
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