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. He’s among the most bearish forecasters, betting bullion will drop to $1 165 an ounce in the fourth quarter, from $1 225 on Thursday.
