Gold Over $1,590/oz on Prospect of Continued Eurozone QE

Traders covered their short positions after interpreting an ECB official’s comments as indicative of continued monetary easing, bringing gold up more than 1 percent, to above $1,590 per ounce.

As quoted in market news:

The market has been trying to find its footing for weeks and every time had been knocked back by various economic data, but prices were trading in the upper end of the $1,560-$1,585 range, so the reaction was immediate.

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