New Delhi, Jan. 5 -- Equities could drive part of the rally in 2026 after a "middling" year, but investors should continue to hold gold and silver for diversification, according to Radhika Gupta, managing director and chief executive officer at Edelweiss Mutual Fund.

The key is not prediction, but preparation, Gupta told Mint in an interview. "That's why you hold gold or silver allocations: not to time them, but because you can't."

The biggest risk remains macro concerns, she said, adding that trade deals, both for India and globally, are critical.If they don't materialise, the environment could turn inflationary, something already visible in early signs from the US," she said. "If India's trade deal isn't concluded by March, conditions...