Gold's largest gain since the day after September 11th capped, but fundamentals are bid
The price of gold is slightly lower at the time of writing in the New York session, trading at $1,612.85 between a range of $1,597.20 and $1,643.10 and -0.50% and bulls are likely committed to the bid at this juncture.
The dash for cash was hindered the yellow safe-haven metal as it plummeted back to earth from near $1,700/oz to a low of $1,451/oz, but since the Federal Reserve's massive QE program and other facilities along with various central bank QE and government stimulus which combined have flooded the market with liquidity, gold has made a remarkable comeback.
Gold is back at medium-term high again
The gold futures contract gained 5.95% on Tuesday, as it extended its Monday's rally following Sunday's Fed unlimited Quantitative Easing announcement. The yellow metal has retraced all of the recent sell-off, as it got back very close to its March 9 medium-term high of $1,704.30 yesterday. Today, gold is retracing some of the advance.
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