Top gold forecaster sees bulls heading for heartbreak

NEW YORK: For top gold forecaster BNP Paribas SA, bullion bulls are up against a clear and present danger –- the US Federal Reserve.

The central bank’s plan to raise interest rates again this year while potentially reducing its balance sheet is negative for the non-interest bearing asset, says Harry Tchilinguirian, the head of commodity markets strategy at BNP Paribas in London, which topped Bloomberg’s gold accuracy rankings in the second quarter.