Crédit Agricole Corporate and Investment Bank
June 26, 2026
FX Daily
Daily UpdateEquitiesCommoditiesFXEnergyInformation Technology
Gold prices have been under pressure due to a strong USD and rising real rates. Analysts believe the downside is largely priced in and see potential for recovery if energy prices fall and US real rates moderate.
Key Takeaways
- 1.Gold has suffered due to the USD's resurgence, driven by global central bank liquidation of reserves for USD-liquidity during energy shocks.
- 2.Many negatives are currently priced into gold; central bank selling may reverse if global energy prices continue to decline.
- 3.US real rates are key drivers for gold; potential meddling by Trump in Fed policy could lower real rates and support a recovery in XAU/USD.
Table of Contents
- XAU/USD: USD liquidity and debasement fears
- Asia overnight
- Open trade recommendations
- Key events
- FX Research advanced tools
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Authors
Valentin MarinovDavid ForresterAlexandre Dolci
Securities
XAU/USDSPX
Themes
Fiscal DominanceUSD De-dollarization
Regions
Asia PacificGlobalUnited StatesJapanIran