Global Portfolio Manager‘s Digest: Gold Rush

Research evidence excerpt

Global Portfolio Manager‘s Digest: Gold Rush

Cross Asset Research

21 June 2026

Global Portfolio Manager's Digest

Gold Rush SIGNATURE

We provide context and perspective on research across

regions and asset classes. This week, we examine the recent

correction in gold prices, seeing a rebound ahead; revise our Equity Product Management Group

Fed call following the latest FOMC meeting; and update our Terence+ 1 212 526Malone*7578

terence.malone@barclays.comoutlook for EU equities.

BCI, US

• Mining for Gold: We view the recent decline in gold prices as a reset rather than a structural Rob Bate*

+44 (0)20 7773 3576

downturn, as the Middle East-driven shock has boosted oil, the dollar, yields and equities,

rob.bate@barclays.com

outweighing gold's usual safe-haven support and triggering a sharp correction. We think the Barclays, UK

medium-term supports remain intact: persistent inflation, policy uncertainty and continued

reserve diversification should reassert themselves once geopolitical stress stabilizes. Our FICC Product Management Group

estimates suggest gold rises roughly 5% for every 1% increase in the level of US CPI, leaving Jennifer Cardilli*

the inflation impulse from the recent energy shock an important part of the bullish case. With +1 212 526 8351

jennifer.cardilli@barclays.com risk-reward now improved, gold could turn more constructive again if geopolitical risks

recalibrate, particularly in a scenario where lower energy prices ease inflation and rate

pressures. For equities, that points less to a broad defensive stance and more to a selective Jill Nentwig*

opportunity set, with renewed gold upside most clearly supportive for miners. + 1 212 526 5129

jillian.nentwig@barclays.com