Indian equities outperform gold with 124% returns between 2019 and 2025: CLSA report

Tue Aug 12 2025

Indian equities slightly outperformed gold between August 2019 and August 2025, as per the latest edition of Bits and Pieces, a report by research firm CLSA. The most notable performer was tech giant Nvidia, whose stock surged 4,225%, rising from $4 a piece in August 2019 to $173 now.

Gold gained 117% during the same period, driven by its traditional safe-haven appeal and heightened demand amid global uncertainty following the Russia-Ukraine war that began in 2022.

Indian equities delivered a 124% return, marginally ahead of gold, while Chinese equities saw a modest 6% gain over six years. In comparison, the Magnificent 7 Index—which includes Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla—rose 766%. Cryptocurrencies also posted strong gains, supported in part by public endorsement from the US president.

Source: https://economictimes.indiatimes.com