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Sure, there are folks who have managed to humiliate themselves with the toilet paper gold rush and mask hoarding, defiant barhopping and denial.

Among the young and upwardly mobile urban professionals, he said, there has been a shift to what is called “paper gold” or gold mutual funds instead of real gold.

The event is part of a broader effort by the exchanges to tap into Indians' voracious appetite for gold, but to steer investors away from physical gold toward "paper gold" or exchange-traded funds.

Amid the gold frenzy, China's banks and brokerages have been quick to offer paper gold investments to cash in on the trend.

More investors are moving into paper gold because of the lower capital costs.