India, Dec. 22 -- Gold was among the strongest-performing asset classes in 2025. The returns were a sharp 60 per cent due to a confluence of lower opportunity costs, heightened geopolitics, and robust demand, according to Axis MF's outlook and trends. The rally was aided by the expectations of a soft interest environment in the US. The mutual fund expects 1-2 US rate cuts in the current cycle. "While the American Fed has turned more cautious after its third consecutive rate cut, markets are pricing a meaningful probability of additional easing in early 2026," says Riya Singh, research analyst, commodities and currency, Emkay Global Financial Services. In addition, concerns over the US fiscal position. and monetary policy credibility boost...