New Delhi, Sept. 17 -- 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.

Unlike the past, though, it is not a de...