Year-end window dressing and physical (non-investment) demand from Asia ahead of the Lunar New Year look set to keep gold underpinned.
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It's a well-intentioned but wrong-headed policy. I think eventually hybrids would penetrate the fleet to a sufficient extent that carpool lanes will no longer be offering any advantage.James Moore
Whether the yellow metal will hold above 550oz rests largely in the hands of US traders as they return later today.
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Strike action in Mexico has certainly given the market a bullish boost.
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It might even be a calm before the storm. I think we are going to see some further tests higher this week.
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Gold has failed to match the lofty highs of 451.50 seen during Asian overnight trade, drifting back under the 450 level in European trade as players monitored the movements in the currencies.
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The firm start in the US might be the catalyst needed for a test of 575oz, particularly with the IAEA due to reach its verdict on Iran which could mean sanctions and would not only heighten tension in the Middle East, but could create inflation concerns if oil output was curbed.
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