Gold is trading at $1271 per oz on Friday session ahead of all the problems in UK referendum vote. Traders are piling in the gold market due to the shift of risk appetite while the US Fed faces challenges in rate hikes.  At this moment, we believe the rate hike topic will remain, as one of the major impact in gold price, and UK referendum results will act as a price booster in the gold market. In the US market, traders are worried with the declining bond yield to record lows. While market signals more monetary tightening in the near future, we are not surprised to see a gradual rate hike starting in the 4th quarter. We expect gold to be resilience to global headwinds and trades between $1280-$1320 in the near-term , and stress that physical gold is an important safe haven asset during financial instability times. 

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