PRECIOUS-Gold rises as buyers swoop, gains may be short-lived

Gold market update for Monday, April 22nd. After taking a real beating, gold has risen around 2% to a session high of $1438 before settling back to around $1420. Gold reached a 2-year low of $1321 on April 16. The shocking drop in gold has spawned a big spike in physical demand. Dealers, especially in Asia, say the price drop has released years of “pent-up” retail demand. Analysts though say gold is still facing some headwinds, especially since ETF outflows continue, albeit a little slower. Other factors, namely the Cyprus gold sale and ending of quantitative easing by the Fed, could weigh on gold as well. Read more…

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