Gold was among the strongest-performing asset classes in 2025. The returns were a sharp 60 per cent due to a confluence of lower opportunity costs, heightened geopolitics, and robust demand, according to Axis MF’s outlook and trends. The rally was aided by the expectations of a soft interest environment in the US. The mutual fund expects 1-2 US rate cuts in the current cycle. “While the American Fed has turned more cautious after its third consecutive rate cut, markets are pricing a meaningful probability of additional easing in early 2026,” says Riya Singh, research analyst, commodities and currency, Emkay Global ... (full story)