Gold continues to move sideways in US morning. The yellow metal’s strength since the beginning of the year with a year-to-date gain of over +10% might be a signal that the worst is over. We find that the recent surge in price has been driven mainly by investment demand as physical demand in traditional markets remains lukewarm. While US growth outlook and the Fed’s tapering should weigh on gold, the economic developments in the northern hemisphere have been hampered by extreme cold weather.
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Gold’s Recent Strength Driven by Investment Demand
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