Real rates are a major driver of the Gold price. The price is driven by two components: nominal rates and inflation. 

With nominal rates close to peak levels, gold should continue to see some selling pressure.

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.