Gold finds a bid
China is headed for a week-long holiday to celebrate lunar new year and that is an important driver for the gold market. The long-term trend is for continued buying into February but more-recently, there has been a pattern of weakness as the holiday kicks off.
That was indeed the case earlier today but heightened risk aversion with a weak open in US stocks has reversed the dip and gold rise as high as $1564, which was the best level since Monday.
