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Gold fell to a two-week low on Monday following upbeat comments on the U.S. economy from a senior Federal Reserve official.
Spot gold traded at around $1,333.40 per ounce at the start of the trading week, after Fed Vice Chairman Stanley Fischer told a conference in Aspen, Colorado, Sunday that an interest rate hike was still under consideration for this year and that economic growth would accelerate.
"I think that as U.S. data has surprised to the upside recently … the Fed prepares for a hike … it is understandable that gold comes under pressure, especially in these quiet summer months when liquidity is not great," Joni Teves, UBS strategist, told CNBC on Monday.
Bullion has gained over 25 percent this year, as commodity prices recover and investors continue to look for "safe haven" investments amid global economic uncertainty and a depressed bond yield environment.
"Apart from January, we have a pretty positive rally and that has been very much helped by the China simmers we saw at the start of the year," David Wilson, director of metals research and strategy at Citi, told CNBC on Monday.
He said this year's rally in commodities was a slightly overblown.
"It did feel like things had got a little bit too ahead of themselves as we were coming into the middle of the year," Wilson told CNBC.
However, with bond prices at record highs, boosted by asset-buying programs from the likes of the Bank of England, Teves said gold would continue to benefit from the "global yield hunt."
"I think there is also a lot of uncertainty as to how central banks can normalize policy and I think that is underpinning gold at the moment," she told CNBC.
UBS forecasts prices for the precious metal would average $1,400 per ounce next year — better than the $1,250 expected by Citi.
"Long-term, the case (for gold) looks solid," Alan Miller, the CIO of investment management firm SCM Direct, told CNBC on Monday.
Teves added that gold production would likely decrease going forward, supporting prices.
"Our view on mine supply is that it is flattening out … It is a reflection of the lack of investment over the last few years," she told CNBC.
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