Gold prices seem to be deprived of any impetus despite ratcheting geopolitical tensions. Meanwhile, minutes of US Fed’s June meeting did not have much impact on prices. In this regard, Fed officials were divided on inflation outlook and the pace at which the US$4.5 trillion balance sheet should be trimmed. Several policymakers wanted to start shrinking the balance within next few months, while others want to postpone the same until later this year. Effectively, bond markets are now pricing in a likely rate hike in December. In terms of geopolitical developments. US and South Korea retaliated by launching missiles, in response to the test of Intercontinental Ballistic Missiles, in response to the test of Intercontinental Ballistic Missile by North Korea. However, we sense that Pyongyang remains indifferent to such threat and the situation will remain tense for some time to come.