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Adam Button, head of currency strategy at Forexlive.com, said that this recent move is a continuation of the broader rally, and it’s being driven by the same source. Button noted that this week’s meeting between Russian President Vladimir Putin and Chinese Premier Xi Jinping is also very bullish for gold prices.
Sean Lusk, co-director of commercial hedging at Walsh Trading, told Kitco News that the combination of high inflation, massive debt issuance, and runaway central bank currency printing is pushing market participants into precious metals and other commodities.