Gold accelerates above $1200, gains more than 3%

FXStreet (Córdoba) - Gold is having one of the highest daily gains on record as it climbs almost 4%. The yellow metal hit a fresh high at $1221/oz and remains above $1215, consolidating important gains and about to post the strongest close since October 28.

XAU/USD dramatic reversal

Initially a weak US dollar pushed gold to the upside, but then greenback stabilized in the market and XAU/USD kept rising, even accelerating above $1200.

Today’s rally is even more impressive considering that gold started the day falling to $1142, the lowest price in three weeks. From there has risen almost $80 and climbed to 1-month highs.