The precious metal often labeled a ‘hedge against inflation’ and commonly known as a ‘safe haven’, is looking dull.

Gold (GC=F) is 23% off from its peak in March, and 10% down year-to-date.

In our series, ‘What to do in a bear market’, we asked the experts to tell us if there is value to holding gold in this environment.

Why hasn’t gold performed better this year?

“First, with major central banks around the world tightening their policies, this has helped to send bond yields to multi-year highs. Yield-seeking investors have been better off to hold government bonds to get some guaranteed return rather than holding zero-yielding assets like gold,” Fawad Razaqzada, market analyst at City Index and FOREX.com told Yahoo Finance.

“Second, the strengthening US dollar has weighed heavily on nearly all major buck-denominated assets, including gold. Would-be buyers earning in foreign currencies are having to pay more, and so they are being discouraged to invest in gold,” he continued.