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TEN to 20 years ago, few strategists actively recommended an exposure to gold. Historically, gold suffered decades of price stagnation and did not pay an income.

Today, gold’s status as a strategic asset has staged a remarkable turnaround; its record performance last year appears to have only burnished its desirability.

Strategists now see the metal as an effective portfolio diversifier, a hedge not only against inflation and geopolitical instability, but also against currency depreciation.

For retail investors in search of uncorrelated assets, gold is far more accessible, transparent and liquid than most other types of alternative investments – including private markets. While owning physical gold incurs storage costs, among others, the cost of a gold investment via a deposit account or exchange-traded fund (ETF) is relatively low.

A gold/silver savings account at UOB incurs an annual charge of 0.25 per cent. The SPDR Gold ETF has an expense ratio of 0.4 per cent.