BCA Research sees end of gold sell‑off, advises long positions

Investment research firm BCA Research reports that the recent wave of gold selling has lost momentum and the short‑term downside outlook has weakened. The firm notes that after a 26% drop from the historic peak on 29 January, selling pressure appears to be fading, suggesting the steepest part of the decline may be behind the market.

BCA Research recommends investors consider taking long positions in gold, emphasizing that real interest rates, rather than inflation, are now the primary driver of price direction. The analysis also points to a reduced negative impact from the U.S. dollar, which could become a supportive factor. The firm outlines a three‑phase upward trajectory for gold: (1) strong central‑bank purchases at the end of 2022, (2) accelerated ETF inflows expected around 2025, and (3) the current phase where real rates and the dollar index dominate price movements.