The Fed seems to be pulling in the reins on gold's 2016 rally as markets expect rate hikes sometime this summer. But could the Fed also be gold's salvation? What is the central bank's end game? These are just a few questions discussed on Kitco News with Keith Fitz-Gerald, chief market strategist for Total Wealth Research. ‘Gold has never been more relevant,’ he said. ‘I don’t believe it’s optional and I do believe every investor needs to have it.’ Gold has recently lost ground, hitting a 3.5-month low, on heightened expectations of a rate hike in the U.S. August Comex gold futures last traded relatively unchanged at $1,214.50 an ounce.