New Delhi, April 23 -- There's no dimming the sheen of gold, it seems. On Tuesday, its price hit Rs.100,000 per 10gm, having gained as much as 20% in about four months. Its glittery performance has drawn attention to its role as a store of value.

"The performance of gold over time highlights that the Indian housewife is the smartest fund manager in the world," billionaire banker Uday Kotak said in a post on X. That led another Indian business leader, Sridhar Vembu, who founded software company Zoho, to throw in his support. "Gold is money," he posted and said that even the poorest Indian knows this.

Indeed, gold's consistent gains appear to justify the trust placed in its value by Indian households, though financial experts would advise...