Strategists at Société Générale continue to like gold in a multi-asset portfolio Gold is driven by nominal rates and inflation Real rates are a major
Gold is driven by nominal rates and inflation
Real rates are a major driver of the Gold price. The price is driven by two components: nominal rates and inflation. While we are structurally bullish on Gold, due to structural buying from central banks, geopolitics, and some renewed trend towards de-dollarisation, we are reducing the allocation to Gold by 1pp, before reverting to a full weighting when US growth materially slows. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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