Joyalukkas Group owner Joy Alukkas predicts gold prices will climb to $5,000 an ounce over the next two to three years, citing persistent global instability. The Indian tycoon, sitting on nearly 16,000 kilos of gold inventory across his vast network of 178 showrooms, believes geopolitical tensions like the recent Dubai airport drone strikes will drive long-term demand. While short-term volatility is expected, Alukkas, worth $5.8 billion according to the Bloomberg Billionaires Index, sees no meaningful correction without significant improvements in US and global economic conditions.

His company's resilience stems from decades-long holdings, though rising gold prices increase working capital costs as he replaces stock at higher prices. Demand for investment-grade gold bars and coins is surging, particularly in India, the firm's largest market, while lightweight jewelry gains appeal amid price sensitivity. Alukkas' family-run empire, founded seventy years ago, now targets expansion into New Zealand and Canada.