Unrelenting strength in the US dollar as the Federal Reserve hikes rates weighs on gold. Nevertheless, strategists at ANZ bank expect the yellow metal to remain resilient throughout the next six months around the $1,900 level.

Gold prices well supported

“Investor appetite for gold is losing its shine a bit, as the Fed raises interest rates. A stronger US dollar has surfaced as another drag for the gold prices recently.”

“We see geopolitical risks and sustained inflation protecting the downside and gold should be well supported at $1,900/oz over the next six months.”