Credit Agricole CIB Research maintains a bullish and long Gold position.

"Gold has emerged as one of the key beneficiaries from the USD sell-off triggered by the US Treasury’s recent attempts to curb the rise of long- dated UST yields. These efforts included an FX intervention in support of the JPY – which among other things was meant to keep Japanese policy rates low and Japanese investors invested in USTs. We also got signals that the US Treasury would buy long-dated bonds with: (1) the proceeds from sales of short-dated US paper (‘Operation Treasury twist’); or (2) the funds from its account at the Fed (TGA)," CACIB notes.

"We remain long XAU/USD as a trade idea and continue to forecast gold to appreciate to USD5000 by the end of year & extend its gains in 2027," CACIB adds.