Gold’s Key Drivers Source: World Gold Council: Gold As A Strategic Asset, 2026 Edition and GLTER (Gold’s long-term expected return) Report, October 2024. 1) Returns from 31 December 2005 to 31 December 2025. Indices used: US Cash: ICE 3-month Treasury; US treasuries: Bloomberg US Treasury; US, Global ex US, and EM stocks: MSCI US, World ex US, and EM total return indices, respectively; Commodities: Bloomberg Commodity Total Return Index; and Gold: LBMA Gold Price PM (spot). Annualized Returns 1 Global stocks ex US EM stocks Commodities Gold US cash US Treasuries US stocks Economic expansion Periods of growth are supportive of jewelry, technology and long-term savings Risk and uncertainty Market downturns, inflation and geopolitical risk often boost investment demand for gold as a safe haven Opportunity cost The price of competing assets, including bonds and currencies, influences investor attitudes towards gold Momentum Capital flows, positioning and price trends can boost or dampen gold's performance 20yr 10yr 5yr 3yr 1yr 0 10% 20% 30% 40% 50% 60% 70% CAGR (%) Gold performs well, despite strong performance of risk assets 34