Short-term outlook firm for gold: Experts

The yellow metal is seen as a safe haven bet against rising inflationary pressures

Gold prices are likely to remain in an uptrend in the near term on a weak US dollar. The greenback is expected to remain weak as unlike market expectations, the US Federal Reserve (US Fed) was slightly dovish even as it raised interest rate by a quarter point on Wednesday. But, the medium- to longer-term outlook for the yellow metal remains bearish as US Fed chairman Janet Yellen hinted at two more interest rate hikes this year.

Since the US central bank raised interest rate, international gold prices jumped by around three per cent before settling with a marginal