The price of gold has risen, but it is still below the key consolidation level.

The price of gold rose in early trading. Heng Koon How of Daiwa stated in a report that as people are increasingly worried that the Federal Reserve may have to raise policy rates, gold has fallen to near $4,000 per ounce in the past week, and current trading prices are below the key level of $4,500 per ounce. Daiwa's forecast depends on the outcome of the Federal Reserve's June meeting and the information conveyed by Chairman Kevin Wash. The analyst stated that if Kevin Wash admits that the risk of inflation is increasing, gold faces further pressure in the near term and the risk of falling below $4,000 per ounce. Daiwa expects gold prices to trade around $4,600 per ounce in the third quarter and around $4,800 per ounce in the fourth quarter. Spot gold rose 0.3%, to $4,226.02 per ounce, but fell 1.7% this week.