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Gold demand-divergence

The price action on gold is once again proving troubling for the bulls. After the volatility seen in the early part of the month, the spot price managed to recover well up to the $1,739 level but has since come off to leave $1,700 back in sight once again. Gold has tried to fight the strengthening trend of the US dollar through the month, but with the dollar at 10-week high, this has proved tough to push through, the relatively strong inverse relationship between gold and the dollar holding in place.

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