The hedge debate
Gold is often discussed as an inflation hedge, but its performance can also be influenced by real yields, the dollar, central-bank demand, ETF flows, and investor sentiment.
Portfolio context
A risk-aware allocation process asks what role the asset should play: diversification, crisis hedge, currency alternative, or tactical exposure. Each role has different sizing and rebalancing implications.
Disclosure
This article is educational and does not recommend buying or selling any security, fund, commodity, or derivative.