Harsh Goenka shares 10-year investing lesson on buying car and gold, says ‘Wives are smarter…’

RPG Enterprises' Chairman Harsh Goenka on Wednesday, April 23, compared buying gold against spending money on other depreciating assets like a car, a phone, or a vacation, according to a social media post on X. 

Sharing an example from his personal life, Goenka mentioned how 10 years ago he bought a car worth ₹8 lakh, and at the same time, his wife bought ₹8 lakh worth of gold. Now, the car's value has depreciated over time to ₹1.5 lakh, compared to his wife's gold, which is worth ₹32 lakh.

“10 yrs ago, I bought a car for ₹8 lakh. She bought gold for ₹8 lakh. Today- car’s worth ₹1.5 lakh. Her gold? ₹32 lakh,” said Harsh Goenka in his post.

‘Let’s skip gold’

Goenka also mentioned how he urged his wife to go for a vacation, instead of buying gold worth the same value. His wife, Mala Goenka, responded that a vacation will only last momentarily, compared to gold, which creates generational wealth. 

“I said, Let’s skip gold, go on a vacation? She said, Vacation lasts 5 days. Gold lasts 5 generations,” said Goenka in his post on X.

Sharing another incident when the RPG Enterprises Chairman ended up buying a phone for ₹1 lakh, compared to his wife buying gold. The value of the electronic device as dropped to ₹8,000 compared to the gold at ₹2 lakh.

“Moral: Wives are smarter,” said Harsh Goenka in his post on X. 

Gold Prices — April 24, 2025

The price of gold rose around 1 per cent on April 24 due to bargain buying, a day after the bullion hit a one-week low amid optimism over the US-China trade deal. Spot gold rose 1.2 per cent to $3,326.42 an ounce, as of 0453 GMT. And US gold futures gained 1.3 per cent to $3,337.50.

While investors continue to favour gold as the safe-haven investment of choice, the premium has lowered a little — prices dropped by around ₹5,000 per 10 grams from record-highs of nearly ₹1 lakh/10 grams. Gold MCX prices at 10.30 am on April 24, stood at ₹95,893/10 gm, up by ₹1,171/10 gms, as per data on the official website.  

The price of 24-carat gold was ₹6,130/10 gm, according to data on the Indian Bullion Association (IBA) at 10.30 am am on April 24. Further, 22-carat gold was priced at ₹88,119/10 gms.

Gold Prices Outlook

Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said that the MCX gold is witnessing a sharp weakness, which signals a short-term trend reversal from its all-time highs. April remains highly volatile for the precious yellow metal, and the futures are expected to range within ₹94,000 to ₹98,000, amid high volatility.

“The month of April remains highly volatile, with technical charts showing early signs of trend exhaustion. A rebound in the Dollar Index from 98.4 and comments from Donald Trump hinting at potential tariff resolutions with India, Japan, and China have weighed on gold’s safe-haven premium. As tariff concerns ease, gold is seeing some premium unwinding,” said the commodities expert.

“Looking ahead, gold is expected to trade in a broad range between ₹94,000 to ₹98,000, with elevated volatility likely to persist. Traders are advised to maintain strict risk management, especially in such overstretched market conditions,” said Trivedi.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.