The sharp rally in gold prices has reignited one of the most common dilemmas for Indian investors: whether the opportunity has already passed or whether it is still the right time to buy.

In a country where gold has deep cultural and emotional value, this sense of urgency often turns into a fear of missing out (FOMO). But history offers a cautionary reminder — gold is not an asset to be chased in moments of excitement.

Alongside periods of impressive gains, there have also been long stretches when gold has lagged equities and other asset classes. Its true role lies less in driving wealth creation, and in providing stability and diversification when uncertainty clouds the markets.

During the 2011-2018 cycle, gold delivered returns of just 2.5% underperforming equities by a big margin. Go

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