Case Study: Gold Prices During the 2020 Pandemic, A Commodity Case Study

When the COVID crash hit in March 2020, gold did something most Indian investors had never seen it do at that scale: it kept climbing while equities fell apart, and by August it had touched an all-time high in rupee terms. This case study walks through why gold behaves this way in a crisis, the real forces (real yields, a weakening rupee, and a global scramble for safety) that drove the 2020 rally, and what the sharp pullback that followed teaches about buying into a hot trade after the fact. Along the way, you will learn the practical side too: the different ways Indians actually hold gold, from physical jewellery to Sovereign Gold Bonds and Gold ETFs, and how to weigh them against each other.