Credit Agricole CIB Research expects Gold to regain its bullish momentum following the recent sell-off.

"We believe that many negatives are already in the price of gold following its recent sell-off. Central banks still see XAU as a primary tool to reduce their exposure to the USD given the attempts by the US to weaponize the currency.

They could thus resume gold purchases especially if global energy shock continues to fade. Concerns about fiscal dominance over the Fed could return as well, weigh on US real rates and help XAU recover," CACIB adds.