Amit Jain, Co-Founder of Ashika Global Family Office, in an emailed interaction with Business Today on Tuesday, clarified that the current market setup calls for a "calibrated reallocation" rather than a complete switch out of gold.

While gold remains a key hedge against uncertainty, Jain believes incremental capital should now move toward Indian large-cap equities, where valuations and earnings visibility are improving. Advertisement

He also identified two blue-chip stocks that stand out as timely opportunities in the ongoing rotation from defensive to growth assets.

Here are the edited excerpts from the interview:

1. Given gold's strong rally in 2025 and its role as a hedge, what key signals suggest that its role is now shifting from growth driver to defensive asset?

Amit Jain:

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