Gold is now up $16 on the day to $2710, the highest since November 24. This is also the third day of gains since the PBOC revealed that it had started buying gold reserves for the first time in six months. Gold is now up $75 since the announcement that buying will begin.
Gold support today was also the US CPI report, which met analysts' estimates. That led to some relief over fears that the Fed might hold off on rate cuts and has since put pressure on the US dollar.
Gold every day
The next hurdle for gold is $2721, which was a mid-November high. If that breaks, we could see a new challenge of the $2790 high set on October 31.
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