New Delhi, Aug. 26 -- Gold, silver and equities do not always move in tandem. Their performance across the past 26 years shows how differently the three assets have behaved through various market cycles.

Let's look at how gold, silver, and the Nifty 50 TRI performed from FY01 to FY26, and how the two precious metals have behaved in relation to the equity benchmark.

Since FY01, gold has generally performed better than equities in financial years when the Nifty 50 TRI delivered negative returns.

According to the HDFC Mutual Fund NFO presentation, gold delivered negative returns in only four of the 26 financial years: FY01, FY14, FY15 and FY17. Its steepest decline was 10.8% in FY14.

At the other end of the spectrum, gold delivered the h...