The Economic Times in India reports today (September 18th) that domestic investors are returning in their droves to buy gold.
The yellow metal was already thought to be on the verge of a major boost as the wedding and festival seasons in the country near.
However, sentiment has gone through the roof following the sudden collapse of major investment bank Lehman Brothers and the shockwaves the ensuing fallout has sent through the markets.
Somnath Dey, head of metals and energy research at Religare Commodities Ltd, told the newspaper: "Gold will acquire more sheen in this financial mess. It has a natural tendency to absorb the risk.
"Moreover, it is the universal currency. So definitely, investors would prefer investment in gold to any other instrument."
Many market commentators were already predicting that gold would come close to retesting the $1,000 per ounce barrier - which it last reached in March - at some point in the next 18 months.
But now there is a rush to buy gold for its safe haven qualities and the fact that market fundamentals look to be heavily in its favour in relation to a longer-term investment.
Ashok Mittal, vice president and country head at Karvy Comtrade, added: "Investment in gold is happening.
"Among the three popular investment instruments - equity, real estate and gold - only the yellow metal fares well and is safe at the moment. So large-scale investment in gold is expected."
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