Gold has fallen to a yearly low, as it lost around 4% in June itself (end-of period prices), contrasting sharply with the above $13000/oz. price performance in the early part of the year, points out the research team at NAB. Key Quotes “A stronger US dollar and a contractionary monetary policy stance by the US Federal Reserve (Fed) have been key drivers of this weakness.” “Investor interest in gold has also declined – in line with the fall in prices. Speculators have sharply cut their net long futures positions in the precious metal, while ETFs too have also cut back their gold holdings, particularly North-American based ETFs.” “The Russian, Turkish and Kazakhstan central banks have been active in augmenting their gold holdings.” “Recently gold has failed to capitalise on its safe haven status, even during bouts of equity market weakness. Traders appear to be liquidating their gold holdings to cover their losses in equities. They also seem to be seeking safety in US Treasuries, as opposed to gold.” “In the near term, we expect weakness in gold to persist, before investors flock to gold’s safe haven status in light of the ongoing trade and geo-political tensions – and the attendant negative consequences that might ensue.” “In particular, we are forecasting a year-end gold price of US$ 1314/oz., rising further into 2019 and 2020.” “Risks to our forecasts are evenly balanced. The outlook for trade, geopolitics and the US dollar are likely to be crucial factors underpinning the gold price.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin price analysis: BTC/USD entered the period of calm before the storm FX Street 4 years Gold has fallen to a yearly low, as it lost around 4% in June itself (end-of period prices), contrasting sharply with the above $13000/oz. price performance in the early part of the year, points out the research team at NAB. Key Quotes "A stronger US dollar and a contractionary monetary policy stance by the US Federal Reserve (Fed) have been key drivers of this weakness." "Investor interest in gold has also declined - in line with the fall in prices. Speculators have sharply cut their net long futures positions in the precious metal, while ETFs too have also cut back… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.