Uploaded July 2025 | Updated September 2026, 4 hours ago
While gold’s contribution to managing portfolio risk is well established, supported by a large body of work devoted to its hedging characteristics,1 its contribution to portfolio return is not. Frameworks for estimating gold’s long-term return exist but fall short of a robust approach that aligns with the capital market assumptions for other asset classes. This report sets out such a framework, accounting for gold’s unique dual nature as a real good and a financial asset.
Learn more: gold.org/goldhub/research/golds-long-term-expected-return-glter
Important Notice: This is not a recommendation or offer for the purchase or sale of any securities, investment products or services. Diversification does not guarantee any investment returns or eliminate risk of loss. Physical gold is an unregulated investment and its value is variable. Past investment performance is not a reliable guide to future performance. Please read the full disclaimer at: invest.gold/disclaimer.
About World Gold Council
We're the global experts on gold. The content we post here ranges from investment insights and market trends, to responsible gold mining and gold's many uses in our world.
While gold’s contribution to managing portfolio risk is well established, supported by a large body of work devoted to its hedging characteristics,1 its contribution to portfolio return is not. Frameworks for estimating gold’s long-term return exist but fall short of a robust approach that aligns with the capital market assumptions for other asset classes. This report sets out such a framework, accounting for gold’s unique dual nature as a real good and a financial asset.
Learn more: gold.org/goldhub/research/golds-long-term-expected-return-glter
Important Notice: This is not a recommendation or offer for the purchase or sale of any securities, investment products or services. Diversification does not guarantee any investment returns or eliminate risk of loss. Physical gold is an unregulated investment and its value is variable. Past investment performance is not a reliable guide to future performance. Please read the full disclaimer at: invest.gold/disclaimer.
About World Gold Council
We're the global experts on gold. The content we post here ranges from investment insights and market trends, to responsible gold mining and gold's many uses in our world.
