S&P CNX NIFTY INDEX FUTURES
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Gold has always been as good as Nifty

Nifty has always traded between 0.2 to 0.4 Gold (in INR per KG), from 2015 to 2023.
This should come as a surprise to anyone since the sentiment is overwhelmingly in favor of Nifty.

Also note that Nifty is now on a weekly downtrend vs Gold.

Feragatname