Gold has surged more than 75 per cent in a year to trade above $5,000 an ounce and hit a record in January. Alukkas, 69, says his close to 200 stores across the UAE, India, US and elsewhere are sitting on nearly 16,000 kilos of inventory of the precious metal, like bars and jewelry. When gold goes up, the value of his stock — in some cases built up over decades — also rises, Alukkas said. Joy Alukkas’ father, Alukka Joseph Varghese, set up a small store in Kerala, India, seventy years ago. “We believe in the long run gold is going to be in one direction and we don’t believe in hedging,” he said.

Source: The Hindu March 05, 2026 11:26 UTC