Gold has suffered a rough few months, tarnishing the bull case for the metal. But it still has a role to play in investor portfolios, and now is a good time to buy the dip.

A yearslong rally in the precious metal came to an end, oddly enough, with the Iran war. Since hostilities began on Feb. 28, gold is down 22%. This seems paradoxical. Shouldn’t a geopolitical crisis that unleashes global price pressures be positive for an asset often billed as a hedge against inflation and instability?