Gold, Equity Or Debt: Where Should Investors Allocate Money In Today's Market Environment?

Choosing the right asset allocation is crucial in a volatile market. Harsha Upadhyaya, CIO, Kotak Mahindra AMC, says his multi-asset strategy reduced exposure to gold and silver after strong gains in 2025 and shifted allocations back toward equities and fixed income in 2026. While commodities remain a long-term diversification tool, he believes equities now offer better return potential. The strategy combines equity, debt, and commodities in a single portfolio, providing diversification while retaining equity taxation benefits. It is designed for investors seeking a simple, balanced investment approach across multiple asset classes.