Coronavirus, Hurting Jobs and Loans, Has Indians Selling the Family Gold

NEW DELHI—Investors across the globe are hoarding gold in the Covid-19 pandemic. In normally gold-obsessed India, there’s a glut, as struggling families stop buying and start hocking jewelry.

International investors have lifted the price of gold to all-time highs this year, trying to get their hands on more gold coins, bars and exchange-traded funds. Many are seeking shelter in the commodity from the storm of coronavirus and geopolitical concerns, such as the U.S.-China relationship to November’s U.S. presidential election.

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