This report, authored by Senior Portfolio Manager Jingjing Chai, distills how shifting macro dynamics are reshaping gold’s role in multi-asset portfolios
• Structural forces—central bank accumulation, fiscal strain, and de-dollarisation—have driven a more than 50% price surge into late 2025, reinforced by renewed support from a softer dollar and falling real yields.
• Gold’s low correlation with equities and Treasuries strengthens its profile as a strategic real asset in a fragmented geoeconomic landscape.
• Short-term corrections offer potential entry points as long-term structural drivers remain intact.
Explore the full analysis to see how these forces may reshape portfolio construction in 2026 and beyond.
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