“Investors may use price dips as an opportunity to build their allocations to this strategic asset," said, senior fund manager-alternative investments, Quantum Mutual Fund in a monthly outlook for gold. International gold prices plunged 7% in June as the Fed signalled that it plans to raise interest rates by 2023, a year earlier than planned. The Fed’s hawkish tilt strengthened the US dollar, putting downward pressure on gold prices. The expert believed that if there is sustainable growth and the Fed begins to tighten its monetary policy sooner, gold will struggle. It would give good reason to the Fed to not pivot, keeping conditions conducive for gold prices."

Source: Mint July 03, 2021 04:41 UTC