Gold fell below $1,950 last week amid progress on the US debt ceiling deal and a repricing of US rate hike expectations. But Gold’s role as an effective long-term hedge makes the yellow metal valuable in a portfolio context.

With solid central bank demand, renewed US Dollar weakness, and rising US recession risks, we continue to believe that Gold is on track to break its all-time high later this year and hit $2,250 by June 2024.