Gold defies the odds and lifts back above $2,920

Yesterday afternoon, as the US CPI data hit the screens, Gold crumbled. The metal hit a low at  $2,864.21. However, as reported here, it was already rebounding sharply before it completely reversed all the earlier losses. The metal pushed back by more than $30 and it was evident that a large player had stepped in on the dip once again. That observation was made clear here and Gold did not look back after that. So, Gold closed in the US at $2,904.04. Earlier this morning it extended that rebound. Gold reached $2,922.82, but it is off that high just now. So, it seems that Gold has done the very opposite to what you might think, given the news that sent the dollar lower and piled risk back on the table. This really does not make much sense from that perspective. However, there is as much confusion here on that, as there might be for you. So, let us just put that down to there being more buyers than sellers right now. Gold is currently trading at $2,915.50