Gold has enjoyed a revival on the back of inflation and monetary expansion. But what happens when the tailwinds disappear?

Gold has enjoyed a revival on the back of inflation and monetary expansion. But what happens when the tailwinds disappear?
The RBNZ did a major hawkish move by lifting the policy rate by 50bps. G10 rates still look peakish across the board despite the recent repricing of oil.
The Chinese reopening has possibly been the most covered topic since its announcement in late 2022 – at least in financial circles. The awaited lifebuoy for the global economy, which the reopening consensually was thought to be, has yet to truly show up in prices of commodities essential in manufacturing. We prefer to stay long Industrial Metals (mainly Copper) relative to Energy.