Yet some analysts pointed out that gold could be moving on other factors, including some political events in Europe later this week.
“Traders said some investors who had bet on lower gold prices were closing out those bets on Tuesday ahead of a set of political and economic events that could rattle currency and commodity markets,” Dow Jones Newswires reports. “This week brings the U.S. presidential election, Greek austerity vote, European Central Bank interest rate decision, and China’s leadership transition.”
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Full disclosure: Tom Lydon’s clients own GLD.