Gold Makes New High Again - Boosted by RMB, Flight for Quality

Comex gold strengthens and reaches a new high of 1266.5 in European session. The Chinese government's pledge to increase flexibility of RMB has spurred commodity demand and this benefits gold. Moreover, WGC's quarterly report on central bank gold holdings and flight for safe-haven asset amid sovereign crisis in the Eurozone also boosted the yellow metal.

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Gold Makes New High Again - Boosted by RMB, Flight for Quality