Gold gone cold: The 0 return periods no one is talking about

Gold has dazzled investors for the last three years, by doubling in value. In fact, in the last 12 months alone, the metal has grown 47 per cent. With rising geopolitical tensions, fears of a global recession and a flight to safety, the metal is clearly back in vogue. Surely, your social media feed might be buzzing with gold ‘experts’ holding up charts showing how Rs 1 lakh invested in gold became Rs 1.47 lakh in just a year — faster than any large-cap, mid-cap or small-cap mutual fund. But before you buy into the hype, here’s a reality check: Gold has also delivered zero real returns over very long stretches. Gold isn’t always glittering Take the 1980s. Investors of a certain vintage may recall how gold more than doubled in just six months, from July 1979 to the first week of January 1980. The new decade kicked off with a bang, with gold hitting Rs 163 per gram. The hype was real. Households stocked up on the yellow metal, sensing a golden