New Delhi, July 20 -- Over the next three to five years, gold is likely to underperform most risk assets and industrial commodities, with prices potentially remaining range-bound rather than extending the structural bull market witnessed over the past few years, according to a research report by YES Securities.

Gold previously enjoyed one of its strongest multi-year bull markets in history, supported by low real interest rates, monetary expansion, geopolitical uncertainty, and persistent central bank buying. However, the report highlighted that the macroeconomic regime that underpinned this rally is gradually coming to an end.

"Our bearish view is not based on the disappearance of geopolitical risks or the end of central bank purchases....