Gold prices have soared to record highs this Diwali season, but Value Research CEO Dhirendra Kumar has urged investors to stay cautious, saying the precious metal "produces nothing, earns nothing" and investors should not have more than 10 per cent of gold in their portfolio.

Speaking on a podcast on Diwali 2025 investments, Kumar said his long-held view on gold as a non-productive asset had only shifted slightly since the Russia–Ukraine war began in early 2022. "Yes, something has changed. Not in my core belief. I have always believed what Warren Buffett kept saying, gold produces nothing, earns nothing, sits pretty, and it appreciates on the anticipation that more people would like to acquire it," he said. Advertisement

He explained that central banks-not retail buyers-had driven the

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