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The traditional 'Equities vs. Gold' debate is largely irrelevant, according to Kotak Securities as the assets serve fundamentally different functions in household savings.

Kotak Securities in a recent note, said that equities are for investment and while gold acts as insurance. The near-term gold price drivers, like fear of missing out or FOMO and currency debasement arguments, appears weak to the analyst.

The primary concern is that the true macro issue for India is the continued high volume of gold imports. This has a detrimental impact on the nation's current account and trade deficits.

The market fixation on pitting equities against gold misses the core point, according to Kotak. The point bein

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