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Gold Steadies After Two-Day Drop in Thin Lunar New Year Trading
Gold was little changed after a two-day decline, with many Asian markets offline for the Lunar New Year holiday. Bullion was near $4,880 an ounce in early trading, having lost more than 3% over the previous two sessions, when the US dollar strengthened. Trading has been unusually choppy since a historic rout at the turn of the month. A key gauge of the US currency rose as much as 0.4% on Tuesday before paring gains. chart A powerful rally carried gold to an all-time high above $5,595 an ounce in late January, but the market overheated and snapped back almost to $4,400 in just two sessions. The metal has regained ... (full story)
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