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.