Little room for gold to rally further given impending Fed rate hikes: Pictet

Singapore

GOLD may have met its match after a stellar start to the year as a probable trio of rate hikes from the Federal Reserve through to the end of 2017 means there's little room for it to rally further from near a two-year high, according to Pictet Wealth Management.

With the US dollar in a long-term uptrend, bullion isn't likely to break the US$1,430 an ounce level, and may stabilise around US$1,250 to US$1,300, said Luc Luyet, a currencies strategist at the wealth-management arm of the Pictet Group. While the US presidential election in November may provide some catalysts for gains, they'll be temporary,…