Gold is often considered a safe-haven asset during periods of uncertainty, but a recent study by WhiteOak Capital Mutual Fund suggests that the precious metal can also play a bigger role in portfolios by helping improve overall returns when combined strategically with equity and debt investments.
The study, titled “Chemistry of Investing”, analysed how combinations of debt, equity, and gold have historically influenced portfolio risk and return outcomes between September 2001 and April 2026. According to the findings, adding equity exposure to a debt portfolio improved returns without necessarily increasing volatility proportionately. Interestingly, the study found that introducing gold as a third asset class further enhanced the portfolio’s risk-return profile.
