US June CPI cooled below expectations as inflation pressure eased beyond energy. Rate-hike fears may still be overpriced despite oil and Middle East risks.

A stronger yen, BOJ rate hike risk and carry trade unwinds could tighten liquidity and pressure the global market rally in 2026. 

At mid-year 2026, gold is caught between US dollar strength, Fed rate-hike expectations and central bank demand. Here’s why gold may stay range-bound in H2.