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Gold has come under pressure of late, possibly due to the strength in the American Dollar, however, risks for the yellow metal are skewed to the upside between now and the year-end, according to UBS analysts.  

Key points

The repricing of Fed cut expectations that is causing gold to test support below $1500.

Market’s Fed expectations have now been adjusted, allowing space for the market to react more positively to any dovish developments.  

It only takes two FOMC members to move the median dot to suggest one more cut this year.  

Gold is currently trading at $1,480 per Oz, having hit a low of $1,458 on Tuesday.