Gold and silver have dramatically outperformed equities over the past year, leaving investors and advisers debating whether the metals’ run can persist or if equities will reassert dominance by Diwali 2026. From Diwali 2024 to Diwali 2025, the Nifty50 returned about 6.7%, while gold climbed roughly 63% and silver surged about 73% — moves driven by a mix of global price action and rupee depreciation. Advertisement

Deepak Shenoy, founder of Capital Mind, laid out the trade-offs on a recent podcast: “Gold has this problem of being a completely dead asset that can’t be used for anything else other than price appreciation,” he said, while noting silver’s distinct industrial links make its price behaviour more complex and episodic.

Why metals rallied

Shenoy point to geopolitical uncertainty,

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