The firm noted gold has slumped 26% since its Jan. 29 all-time high, after ranking among the top performers in 2025. Central to BCA's call is the argument that real rates, rather than inflation, drive gold, describing its reputation as an inflation hedge as "overstated." It added that elevated central bank buying now provides a floor for prices rather than driving further gains. BCA believes geopolitics and reserve diversification should continue to support gold structurally, both directly through central bank purchases and indirectly via a weakening dollar. Related articlesBCA says time to buy gold as near-term headwinds fadeEuropean gas tumbles 9% as Middle East truce signals pull down energy downEuropean gas futures hit four-month highs, set for fourth weekly gain