India, Sept. 3 -- Gold multi-year has changed from being a classic safe haven to an investment narrative, due to reasons like purchases by central banks, changes in monetary policy, geopolitical risks, and changing investor preferences.

Where did the rally began The current gold story did not begin in 2026. The broader bull market has been developing for several years, with the trend becoming particularly strong from 2022 onwards. Gold's rise initially reflected a combination of economic uncertainty, changing interest-rate expectations and increasing demand from central banks. But the rally gradually evolved into something larger as central banks, particularly in emerging markets, increased their allocation towards gold.

A major turni...