I also wanted to provide an update on gold, a time-tested asset that can help stabilise your portfolio during volatile times.

While gold' s performance this year has been modest so far, it has shown impressive resilience. Its price has remained relatively steady, only briefly dipping in February.

This highlights gold' s unique ability to mitigate risk, especially when stock markets decline. The chart below shows how gold prices held steady even as real interest rates spiked since June. Real rates refer to interest rates after adjusting for inflation. When real rates rise quickly, it often signals economic uncertainty but gold prices stayed calm.

Several factors continue to support gold prices:

• Central banks are buying more gold to diversify away from the U.S. dollar. This long-term demand should keep prices up.
• Global tensions create uncertainty. During such times, gold acts as a " safe haven" asset that retains its value. Tensions can also disrupt supply chains and stoke inflation. Gold hedges against these risks.
• Strong ongoing demand from major markets like China and India. This lasting demand bolsters gold' s long-term outlook.

In summary, gold' s historically low to negative correlation to stocks and bonds makes it an excellent portfolio diversifier. It can mitigate overall risk, especially during downturns or crises.

Rather than own physical gold, we can invest in Gold Exchange Traded Funds (ETFs) or Gold Equity Unit Trust (UT) Funds that offer leverage to gold spot price.