Gold’s meteoric rise over the last few years has prompted fresh debate about whether the rally has further to run. Sankaran Naren, Chief Investment Officer at ICICI Prudential AMC — which oversees roughly ₹10 lakh crore of assets, he said on a recent podcast — delivered a blunt verdict: for long-term investors, “the time to invest in gold and silver is gone.” Advertisement

“Gold and silver have become one of the most dangerous asset classes if I take a long-term view,” Naren told hosts, emphasising that past momentum is not always a reason to keep buying. His comments cut against a chorus of analysts who still champion precious metals as portfolio diversifiers and inflation hedges.

Naren traced his caution to the mechanics of cycles. “If an asset class has done extremely well in the rec

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