Credit Agricole CIB Research establish a new recommendation to buy Gold.

"We  think that temporary factors related to the war in Iran and its impact on global energy prices have contributed to the recent sell-off in XAU. These factors should fade over time...We conclude that: XAU’s appeal as the ultimate debasement and risk aversion hedge is not necessarily lost. Gold could rebound again once the war in Iran starts to wind down," CACIB notes.

"We recommend buying XAU/USD at USD4338, targeting a bounce to USD5420 in the coming quarters," CACIB adds.