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Gold will remain relevant for investors as a portfolio diversification mechanism with a "likely ascending importance" as an asset class in the coming years, Chief Economic Advisor V Anantha Nageswaran said on Monday. Speaking at the IGPC-IIMA annual gold and gold markets conference 2025, he said that gold will remain relevant not only as a store of value, as an ornament for cultural and religious purposes, but also as an important portfolio diversification mechanism "until such a time the world is able to arrive at an international monetary system from the current international monetary non-system". "That day of reckoning is very difficult for any one of us to prophecy at this stage," Nageswaran said. The value of gold has increased by over USD 200 per ounce or 8 per cent in the last three months to USD 2,860 per ounce. At the same time, the indian stock markets have fallen over 8 per cent over the last three months. Since 2002, the value of the precious yellow metal is up 10 times
The Enforcement Directorate on Friday searched the Mohali premises of a man who is an alleged suspect in Canada's biggest-ever gold heist of more than USD 20 million, official sources said. The sources identified the man as Simran Preet Panesar, who is in his thirties. The man could not be contacted for his response on the allegations. The federal probe agency has recently filed a criminal case under the Prevention of Money Laundering Act (PMLA) to investigate the said loot from Canada's Pearson International Airport in April, 2023. The premises of Panesar in Punjab's Mohali is being searched and the ED investigators will question him, the sources said. The ED had booked a case suo moto, without a request from Canada, as the PMLA allows for such an investigation into in an instance of cross-border ramification where an Indian national is suspected to be involved. The agency wants to probe if the "proceeds of crime" of this alleged heist travelled to India and if there were any ..