India, May 17 -- If we are to go by the lessons of history, Prime Minister Narendra Modi's appeal to citizens not to buy gold is likely to end in bitter disappointment. Indians have it encoded in their religious texts, such as the four Vedas, that gold is a divine element, and possessing gold and gifting it away would even lead to a splendid next life. The more gold prices rise, the more we seem to want to buy it.

According to the Rig Veda's Hiranyagarbha Sukta, the creation of the brahmand, or the universe itself, takes place in a womb of gold. The Hiranyagarbha ritual became the most expensive and prestigious ritual for kings from obscure dynasties during the medieval period. As a part of this, Brahmins were gifted a golden vessel afte...