With U.S. stocks still flirting with their all-time highs and volatility scraping along close to a multi-year low, investors are less inclined to worry about hedging risks and downside protection. Coupled with expectations of rising interest rates, this has led to a modest selloff in gold. Given the magnitude of the rally in gold year-to-date (see the chart below), many are questioning whether now is a good time to sell some or all of their holdings in the precious metal.