Gold prices dip below $4,500 but long-term rally remains strong, supported by central banks and weakening US dollar.

Gold prices recently fell below $4,500, testing key support amid fears of inflation and potential rate hikes. Despite short-term pressure, fund manager Tom Winmill sees the long-term gold rally continuing, driven by central bank bullion buying and structural risks to the US dollar's dominance. Inflation and slowing growth may keep real interest rates low, favoring gold and mining stocks. While mining profitability concerns exist, many companies are well-positioned with strong cash flow and cost discipline. Investors are advised to focus on financially sound producers as the sector evolves, with opportunities still available despite recent price consolidation.