The price pressure in major economies across the globe is expected to remain subdued due to economic slowdown and depressed consumer spending.
The US dollar is expected to remain strong till the threat of US Fed "Tapering" its QE program persists. The dollar has strengthened across the board after US Federal Reserve's June policy statement which increased the probability of taper. The Indian demand for the yellow metal is expected to fall after the rupee slumped by 7 percent in June against the US dollar. Various curbs implemented by the government of India to reduce the imports of
gold will further add to downside pressure on gold. Unlike in April, this time the physical buying in the yellow metal is subdued despite a sharp decline in the prices as consumers wait for the market to stabilise.
Gold will continue to lose its shine as a safe haven asset amid rout in bond markets and strength in equities. Rising bond yields in major economies like the USA, Japan, the UK, India and Europe would increase the opportunity cost of holding the metal; hence, the spike in bond yields would weigh on gold prices. Moreover, the yellow metal has failed to respond to negative economic news like the downward revision of US 1Q GDP in June to 1.8 percent from previous estimate of 2.4 percent.
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