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Gold: Correction is fuel for growth
Gold lost over 1% on Tuesday, its first daily decline after nine days of gains, six of which were all-time highs. Signs of consolidation were already evident on Monday and Tuesday, which began with a moderate decline, accelerated by the release of US inflation data. While the rush out of risk assets on this news was very short-lived, the sell-off in gold was more sustained but did not go beyond a short-term fixation. A number of factors suggest that this is a corrective pullback rather than a reversal. Firstly, the sell-off has come to an end near $2150, where there was a consolidation at the end of last week before ... (full story)