After trading sideways for numerous sessions, gold bullion breached $1590 an ounce for the first time this month Tuesday morning in London, in what analysts called a “technical” move after gold broke through a key level after remarks from Bundesbank president Jens Weidmann.
As quoted in market news:
On February 18, the first trading after Lunar New Year, volumes on the Shanghai Gold Exchange for its most popular gold contract, The Au9999, set a new record of just over 22 tonnes. Since then, daily Au9999 volumes have been more than double last year’s average.
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