North American Precious Metals Weekly: Gold equity valuations cheap amid macro tension. Central bank gold survey bullish.

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North American Precious Metals Weekly: Gold equity valuations cheap amid macro tension. Central bank gold survey bullish.

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North American Precious Metals Weekly

Gold equity valuations cheap amid macro

tension. Central bank gold survey bullish.

Price Objective Change

World Gold Council survey highlights central bank demand 21 June 2026

We review the macro backdrop shaping the gold market and assess the implications for Equity

near-term pricing. Precious metal valuations are attractive on share price implied gold Americas

prices using both P/NAV and EV/EBITDA methodologies. The World Gold Council’s (WGC) Gold & Precious Metals

2026 central bank survey points to continued structural support for gold demand. We

update estimates and reduce our PO for Alamos Gold (AGI) to $50/C$68.50 from Equity Research

Lawson Winder, CFA >>

$57/C$78.50 (see details on page 3). Research Analyst

Gold headwinds as inflation bites and Fed turns hawkish Merrill+1 416Lynch369 7592(Canada)

Gold has retraced around 17% since the start of the Iran conflict, with a surging USD lawson.winder@bofa.com

and with rising inflation driving rate hike fears. The US‑Iran memorandum of Sathish Kasinathan Research Analyst

understanding (MOU) supported a short-lived rebound in gold prices; while at the June BofAS

17th meeting, the Fed held rates at 3.50–3.75% and signalled a more hawkish stance +1sathish.kasinathan@bofa.com646 855 2769

under new Chair Warsh, pushing yields and the USD higher. In line with the broader Adam Smiarowski, CFA >>

repricing of policy expectations, the shift away from “inflationary cuts” toward tighter Research Analyst

policy is a headwind for gold, reducing upside potential as real rates rise and creating a Merrill+1 416Lynch369 7780(Canada)