Long-term demand
Central-bank purchases can provide a more persistent source of demand even when high interest rates create a headwind.
A portfolio role
Gold produces no cash flow, but it may soften some currency and geopolitical shocks when sized appropriately.
Price and risk
Real yields, the dollar, official-sector demand and investor positioning are more useful together than in isolation.
Editorial note
This article is for information only. Consider your own circumstances and risk before making a financial decision.