The dollar took enough of a hit to convince traders that gold was a safer place to park funds in for the next few sessions.
More Quotes from Jon Nadler:
Gold appears to be reflecting the lack of fresh bad news ... rather than true profit-taking.Jon Nadler
Aside from the amalgam of worrisome news items coming from many corners of the globe ... the investment community is also looking with apprehension at economic news and has nothing to smile about.
Jon Nadler
None of this probing to the downside will negate the fundamental nervousness the market continues to experience, and the hair-trigger volatility will continue to be an integral feature of the metals complex as news keeps coming at it.
Jon Nadler
There is that tug-of-war between would-be buyers and the traders who really are squaring the trading logs before we head into the weekend.
Jon Nadler
The hikes are not as much an attempt to stave off inflation as they are designed to attract investment into the dollar by would-be debt holders (China, Japan, etc.) of the U.S. currency.
Jon Nadler
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