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    Gold inter-markets: Investors fleeing away from safe-havens Haresh Menghani

    Following a sharp up-surge to the highest level since August 2014 during the first half of June, led by dismal May NFP print and further boosted by Brexit worries, Gold seems to have lost its shine and is now down by over 3.0% from last week's multi-month high level of $1315.Global risk-on, supported by receding Brexit fears, has been the key factor leading to the commodity's sharp slide in the past few days. Investors' appetite for riskier assets is further reinforced by rally in equity markets, as depicted by an up-move in the broader US equity indices (S&P 500), and a drop in the Volatility Index (VIX). Adding to it, recovery in US long-term treasury yields (30-years) is also supporting the presumption that investors are moving away from perceived safe-haven assets. The latest leg of downfall, from Monday's bounce high, was being supported by all the above mentioned intrinsic and is now also being accompanied by a minor recovery in the USD/JPY pair, pointing to a tepid recovery in the greenback, which is seen as denting demand for dollar-denominated commodities - like gold.Although, the Fed Fund Futures points to negligible probability of a Fed rate-hike in the near-future, a move away from the perceived safety of the Japanese currency is assisting the US Dollar to recover from lower levels, which now seems to exert further downward pressure for the precious metal. 


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