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Gold on the rise so far this morning

Yesterday Gold eventually made a push above $2,337, but not before some pretty rapid price swings played out ahead of the 4pm London FX fix. Gold spiked to a high just underneath $2,345, but it later fell back and and subsequently closed in the US at $2,332.46. The price action so far today has been mostly northbound from there after an earlier dip to $2,326.35. The fact that Gold is rising against the backdrop of the Yen falling is yet further evidence of the disconnect between the two. It was noted here yesterday; that fresh inflation hedge demand was a factor in the price action and it seems the same is in place again so far today. That said, this is also a two-way market, when it comes to intraday price swings and the reader needs to bare that in mind too. Gold is currently trading at $2,340.75

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