Perspective on Gold by Sandip Raichura, CEO – Retail Broking & Distribution and Director at PL Capital
Below the Perspective on Gold by Sandip Raichura, CEO – Retail Broking & Distribution and Director at PL Capital
Gold’s Big Run in 2025 — and Equities Regaining Momentum
"Gold has had a blockbuster year, with domestic prices up more than 40% in 2025. The surge has been driven by heavy central bank buying, strong inflows into exchange-traded funds (ETFs), expectations of multiple US Federal Reserve rate cuts, and persistent geopolitical tensions linked to tariffs. These factors have made gold the safe-haven of choice, though fresh allocations at record levels now carry the risk of volatility.
At the same time, Indian equities have proven resilient. The Nifty 50 is up over 5% this year, supported by domestic reforms, policy stability, and steady earnings growth. The prospect of a trade deal with the US has further boosted sentiment, with markets betting on stronger exports and reduced tariff uncertainty. For investors with longer horizons, the return of risk appetite has firmly shifted attention back to equities.
Every investor should keep some allocation to gold, but the wealth creation story is clearly with equities. India’s structural growth and demographics make stocks the engine of long-term returns.”
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