Equities set for modest gains in 2025, gold to outperform amid economic uncertainty

Gold, which outperformed the Sensex and Nifty in 2024, too may extend upsides though the likelihood of higher interest rates may take some shine off the yellow metal. In 2024, the Nifty gained 8.5%, while gold traded in Mumbai rose 19.12%. Fixed income returns have largely been in the range of 7-9%.