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Gold rallied sharply earlier in the morning....>

GOLD
GOLD: Gold rallied sharply earlier in the morning but has subsequently erased
most of the gains. Spot currently trades at USD1393 and has gained ~10% from the
May low.
- With the market turning even more dovish with respect to Fed policy rate
expectations, gold prices will remain well supported.
- Rising global geopolitical risk, particularly the US-Iran escalation, will
bolster safe-haven demand.
- Total known ETF holdings of gold has reached 72.65m t oz, up from 71.25m t oz
at the beginning of June.

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