Nifty-to-gold ratios slide to multi-decade lows, hinting equities could regain market leadership

The Nifty/Gold and Nifty/XAUINRG ratios have fallen to near 10-year and 30-year lows, respectively, moving into a historically significant support band of 1.55–1.85. Similar extremes were seen after the 2008–09 financial crisis and around 2012–13, periods that were followed by stretches in which Nifty outperformed gold. The unusually wide divergence between the two asset classes suggests market leadership may be shifting from gold back toward equities, according to SAMCO Securities analyst Dhupesh Dhameja.