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Gold holds rebound gains as risk appetite deteriorates

Yesterday afternoon, as the US stock markets opened higher, gold took a further hit. The metal fell back through the lows seen on Friday and that delivered a downside extension to a low at $2,324.38. However, as further news emerged from the crisis in the Middle East and the US stock markets handed back their earlier opening gains, gold spiked higher again and it did not look back into the US close. Gold piled on more than $60 from the low, when it reached a session high at $2,387.60. It later closed in the US at $2,383.34 It has traded higher in Asia today. That is understandable given the slide in Asian stocks this morning and mounting risk aversion. The range seen so far today has been covered by $2,379.39 to $2,392.22. Gold is currently trading at $2,385.70

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