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Gold price movements defying logic

Published Wed, Oct 9, 2013 · 10:00 PM
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THE big question is why has gold been lacklustre in the face of a US political standoff and monetary easing, a weakness in the greenback, emerging currency upheaval and continued Middle East concerns?

Moreover, President Obama's appointment of Janet Yellen, a quantitative easing (QE) dove, as Federal Reserve chief, should in itself be another bull point for gold. The market expects her to continue with current QE well into 2014.

Since gold's peak of US$1,921 an ounce in September 2011, latecomer investors have had a torrid time. The price slowly sank in 2012 and in the second quarter of this year plunged from US$1,590 to US$1,180 an ounce, then ralli…

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