The author reflects on India's historical preference for tangible assets like real estate and gold due to limited investment options and mistrust in financial markets. While gold has generally underperformed compared to financial markets, it surprisingly surged in 2025, reaching over $4000 an ounce. The author, despite never investing in gold, is intrigued by its enduring appeal and aims to analyze its role and price movements. Gold is categorized as a commodity, currency, and collectible, with its function as a collectible primarily driving its price. Gold's value stems from its scarcity, durability, and desirability, setting it apart from other collectibles. Historically, gold has been used in coins and linked to fiat currencies, eventually replaced by the US dollar in the global monetary system. Gold prices have fluctuated significantly, influenced by factors like inflation and macroeconomic events. After the Bretton Woods agreement failed, gold prices have been set by demand and supply. The drivers of gold prices are inflation, fear of crises, and real interest rates.