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Gold holding up well so far today

Yesterday gold reacted negatively to the US CPI data. That saw the metal drop more than $40 on this occasion, from an earlier session high just above $2,360, to a low at $2,319.50. However, it did not stay down there for long and the rebound to back above $2,350 was actually quite impressive. That is especially the case, given the recent record gains and overbought position of the metal. Gold later fell back again and closed in the US at $2,334.04. Earlier today it rose to a session high at $2,346.96, but it is off that high now. Whilst, the immediate outlook does lend itself to more downside potential, it seems those large wholesale buyers are not intent on throwing the towel in yet. To some degree, the metal seems to be attracting flows as an inflation hedge given that US CPI data yesterday. Gold is currently trading at $2,336.10 

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