Gold is one of the few areas which should do very well.
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Gold has likely lost its place as a store of value.
Its value came as a somewhat rare, status consumption good. But today, gold is much less important as a status consumption good. As India modernizes its banking/financial industry I expect to see gold prices fall with a glut of supply.
> Gold has likely lost its place as a store of value.
So what is its replacement as a store of value that is broadly trusted?
Stocks, bonds, real-estate etc.
Total world gold is like 10T$ vs total world assets of 450T$ ish.
What would you rather hold? A claim on future returns from a factory making chips or a shiny metal with minimal industrial use that certain primates horde?
The horders can only supply then economy with a shiny metal. The chip factory can supply it with chips that run cars, trains, financial systems, street lights etc.
Honestly even though it fluctuates, Iron Ore is also an industry that is always pretty recession resistant so long as you're not a low level grunt