Gold vs Equity: Which is a better hedge against global recession?

The International Monetary Fund has warned that colliding pressures from inflation, war-driven energy and food crises and higher interest rates are pushing the world to the brink of recession. The fund red-flagged the rising risk of contagion and spillovers of stress between markets. Does this add glitter to gold in comparison to equities? Which can provide better returns in times of such economic uncertainty? Two acclaimed domain experts, Somasundaram PR, CEO-India, World Gold Council, and Mihir Vora, senior director and CIO, Max Life Insurance, have a discerning and different take to offer