Is gold a dead investment? The Indian gold buyer does not believe so. The Indian penchant for the yellow metal needs no elaboration. While gold as an investment may have had poor returns, there are no brakes on the Indian jewellery buyer. According to data from Goldprice.org, gold has given negative returns, falling 11% in the last one year. Even the long term 5-year return of negative 9.27% is indeed very dismaying, especially given the buoyant returns on the Indian equity benchmark Sensex.