Reframing Gold Investment Behaviour through Indian Knowledge Systems: An Integration of Artha, Triguna and Personality Psychology

Behavioural finance has successfully demonstrated that investment decisions are shaped by psychological factors rather than purely rational calculations. However, financial behaviour is equally influenced by the cultural environments within which individuals make economic decisions. The present paper argues that Indian Knowledge Systems provide an important yet underutilized theoretical resource for understanding investment behaviour in India. By integrating the concepts of Artha, Triguna, and modern personality psychology, this paper proposes a culturally grounded framework explaining why gold continues to occupy a unique position within Indian household investment portfolios. Rather than viewing gold solely as an economic asset, the framework recognizes it as a medium of financial security, ethical wealth preservation, cultural continuity, and intergenerational responsibility. The proposed model does not reject contemporary behavioural finance but extends it by incorporating indigenous philosophical and psychological traditions. In doing so, it contributes to the emerging literature on culturally contextualized financial behaviour and establishes a foundation for future empirical research examining the intersection of Indian Knowledge Systems, personality, and investment decision-making. As behavioural finance continues to evolve toward more inclusive and culturally sensitive theories, integrating indigenous knowledge systems may offer valuable insights into how different societies conceptualize wealth, security, and responsible financial behaviour. Such interdisciplinary approaches have the potential to enrich both psychological theory and investment research while providing a more comprehensive understanding of investor behaviour in culturally diverse contexts.

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