Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
"In fact, gold has done much better than inflation-linked bonds both in the U.S. and elsewhere. And we believe that gold's performance so far this year reflects the behavior of its underlying drivers," he said in the report. Although gold prices are expected to continue to struggle in the face of rising interest rates, Artigas said he remains optimistic that the gold market can still find some support through year end.
Artigas added that growing recession risks as central banks continue to tighten monetary policy worldwide should also provide some support for the yellow metal.