Gold’s 52% surge vs Nifty’s 1%: Ankur Warikoo decodes 2.67 gold-to-Nifty ratio, what it means for investors

Entrepreneur and investor Ankur Warikoo has sounded a note of caution — and curiosity — after gold’s dramatic rally this year pushed the Gold-to-Nifty ratio to 2.67, a level seen only four times in history. According to Warikoo, this rare occurrence could mark a critical turning point in the markets, with implications for both equity and gold investors. Advertisement

“Gold has delivered 52% returns in 2025, while Nifty has managed barely 1%. If you had invested Rs 1 lakh in January, it would now be Rs 1.5 lakh in gold — versus just ₹1,01,000 in the Nifty,” Warikoo said in his latest analysis. The sudden divergence, he noted, has left many retail investors questioning traditional portfolio wisdom.

Historical context

The current Gold-to-Nifty ratio of 2.67 has historically signaled major