New Delhi, Sept. 22 -- Gold has more than doubled since 2023, but fund managers see little reason to call time on the rally. Central-bank buying, rising fiscal and geopolitical risks, constrained mine supply and the prospect of a less hawkish US Federal Reserve are keeping the structural case for the yellow metal intact.

The question now is what could drive the next leg-and how investors should play it. Gold-mining equities offer greater upside through operating leverage, fund managers say, but also carry significantly higher company and equity-market risks than physical gold or exchange-traded funds (ETFs).

Vivek Iyer, partner and chief investment officer at Rational Equity Asset Management, is bullish on another leg of the rally, argu...