The gold-to-Sensex ratio has surged to 1.41, marking its highest level in over a decade, excluding the pandemic period. This reflects gold's substantial outperformance over equities, with gold prices climbing 147% in the past four years, compared to a 37% increase in the Sensex. Key drivers of gold's strength include high inflation, global uncertainty, and a weak rupee. The current ratio suggests a potential shift in market dynamics, though experts remain divided on whether equities will rebound or gold will maintain its upward trajectory.