Equities have been the most consistent performer among asset classes across various periods in the past decade. The Nifty has returned 14% annualised returns in the previous 10 years, while gold has gained 7.3%.
Gold has, however, caught up with the Nifty in both one-year and five-year periods. Although interest rates have spiked in the past year or so, they are still not comparable with equities or gold.