New Delhi, Sept. 5 -- Gold's record-setting rally may have lost momentum, but its bull run is far from over, noted Tony Kim, global head of metals trading at Goldman Sachs.

Kim describes the recent weakness as an "elongated pause" rather than the end of the broader bull market. It has come under pressure as Treasury yields and the US dollar have climbed, and, at the same time, stronger-than-expected US jobs data on September 4 increased expectations for a Federal Reserve interest rate hike on 16 September.

Currently, two developments have simultaneously complicated the outlook. First is uncertainty over Federal Reserve policy under new chair Kevin Warsh. Investors are trying to understand his approach to inflation and interest rates. Th...