Merrill Lynch, Goldman Sachs and UBS analysts agree that while investor sentiment toward gold is at its lowest since 2008’s 30% fall, prices are set to rebound given insecurities about the U.S. dollar pending moves by the Federal Reserve. Coupled with commodities reacting to slackening global growth, gold could witness a major Q3 rally.

Flat out U.S. commodities demand could also boost prices; America represents 10% of aluminum and copper demand worldwide, figures which—with goods imports—totals 15%. In this context, a continued decline in Exchange Traded Fund holdings boosted by real rates will accelerate gold price declines analysts had expected later in the year.