XAU/USD is down over 7% since its 2023 peak in May. Economists at UBS analyze Gold’s portfolio role as the backdrop shifts. Short-term headwinds unlik
is down over 7% since its 2023 peak in May. Economists at UBS analyze Gold’s portfolio role as the backdrop shifts.The changing backdrop has pushed both nominal and real US yields higher, adding to Dollar strength and undermining Gold’s near-term appeal. But, we don’t think short-term headwinds erode the portfolio case for Gold.
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