This Diwali season, I’ve found myself in India, surrounded by the warmth of tradition on the one hand, and a quiet undercurrent of frustration on the other. Gold, long woven into the fabric of celebration here, is suddenly the subject of side-eyes and recalculations at the various malls. Coins, bangles, and necklaces used to arrive without question. Now, they come with hesitation and a not so quiet glance at the market.

After all, at present, the price of gold, in inflation-adjusted terms, is not just high. It is downright abnormal.

Over the past two years, gold has been climbing steadily. The world has been volatile in ways both predictable and surreal. Pandemic aftershocks. Geopolitical instability. Sharp turns in policy that never seem to settle. But this moment feels different. This is the first time I’ve heard gold talked about not just as a luxury or an investment, but as a problem.

As an American, I’m struck by the contrast. Back home, gold rarely enters casual conversation unless something has broken, such as an inflation spike, banking scare, war, or the like. There, it shows up in headlines like a red warning light. Here, the conversation is daily, domestic, almost routine. That dissonance is what pulled me into this piece.

Because beneath the cultural cues and personal moments is a larger question. What exactly is gold trying to tell us right now?

This article is not investment advice to go bulk-up on gold (please, talk to your financial adviser!). It is an attempt to listen, carefully, to what gold’s behavior may be revealing about the U.S. economy, its role in the global order, and the patterns that households everywhere should start paying attention to.